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Multi-Step Income Statement For the Year Ended December 31, Year ales Revenu Sales Revenue, net Cost of Goods Sold $16,010,o00 $11,207,000 Gross Profit $4,803,ooo eratin ties Selling Expenses Advertising Expense Bad Debt Expense Miscellaneous Selling Expenses Sales Force Salaries Expense Selling Commissions Expense Shipping Expense $304,190 $144,090 $80,o5o $224,140 $800,50o $146,o0o Total Selling Expenses Administrative Expenses $1,698,970 Depreciation & Amortization Expense Executive Salaries Expense Insurance Expense Miscellaneous Admin. Expenses Office Supplies Expense Rent Expense Utilities Expense $520,450 $736,460 $20o,00o $2,00o $40,00o $58,000 $122,ooo Total Administrative Expenses Income from Operations 88o $1,425,120 $1,678,910 er Gains Miscellaneous Revenues Interest Expense $480,300o $28o,ooo $200.3oo $1,625,420 $650,168 Income from Continuing Operations before Taxes ncome lax Expense Net Income