Exercise 5-15 Preparing a multiple-step income statement P4 Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Prepare a multiple-step income statement that includes separate categories for net sales; cost of goods sold; selling expenses; general and administrative expenses; and other revenues, gains, expenses, and losses. Categorize the following accounts as selling expenses: Sales Staff Wages, Rent Expense-Selling Space, TV Advertising Expense, and Sales Commission Expense. Categorize the remaining expenses as general and administrative. Gain on sale of equipment Office supplies expense Insurance expense Sales Office salaries expense Rent expense-Selling space Sales staff wages $ 6,250 700 1,300 220,000 32,500 10,000 23,000 Depreciation expense-Office copier $ 500 Sales discounts 16,000 Sales returns and allowances 4,000 TV advertising expense 2,000 Interest revenue 750 Cost of goods sold 90,000 Sales commission expense 13,000