Concept: The income statement reports the results of a company's operations (revenues less expenses) for a given period of time. Information: Hightower Inc. reported the following account balances for the year ending December 31, 2011: Cost of goods sold $31,300 Interest expense $ 540 Salaries expense 8,800 Sales revenue 50,600 Insurance expense 700 Depreciation expense 1,500 Interest income 1,200 Rent expense 2,100 Income taxes expense 2,000 Required: Prepare Hightower's income statement for the year ending December 31, 2011. Using above data, prepare a Multiple Step Income Statement. Hightower Inc Income Statement For the year ended Dec 31 2011