I need help with this problem:

An inexperienced accountant prepared this condensed income statement for Simon Company, a retail firm that has been in business for a number of years.

Revenues

Net sales $850,000

Other revenues 22,000

872,000

Cost of goods sold 555,000

Gross profit 317,000

Operating expenses

Selling expenses 109,000

Admin expenses 103,000

212,000

Net earnings $105,000

As an experienced, knowledgeable accountant, you review the statement and determine the following facts:

1. Net sales consist of: sales $911,000, less freight-out on merchandise sold $33,000, and sales returns and allowances $28,000.

2. Other revenues consist of sales discounts $18,000 and rent revenue $4,000.

3. Selling expenses consist of salespersons' salaries $80,000, depreciation on equipment $10,000, advertising $13,000, and sales commissions $6,000.The commissions represent commissions paid. At December 21, $3,000 of commissions have been earned by salespersons but have not been paid.All compensation should be recorded as Salaries and Wages Expense.

4. Administrative expenses consist of office salaries $17,000, dividends $18,000, utilities $12,000, interest expense $2,000, and rent expense $24,000, which includes prepayments totaling $6,000 for the first quarter of 2018.

Preparea detailed multi-step income statement below. Assume a 25% tax rate.

Name Section Date Scenario: An inexperienced accountant prepared this condensed income statement for Simon Company, a retail firm has been in business for a number of years. SIMON COMPANY Income Statement For the Year Ended December 31, 2017 Revenues Net sales Other revenues $850,000 22,000 872,000 555,000 317,000 Cost of goods sold Gross profit Operating expenses Selling expenses Administrative expenses 109,000 103,000 212,000 $105,000 Net earnings As an experienced, knowledgeable accountant, you review the statement and determine the following facts: 1. Net sales consist of: sales $911,000, less freight-out on merchandise sold $33,000, and sales returns and allowanc $28,000. 2. Other revenues consist of sales discounts $18,000 and rent revenue $4,000. 3. Selling expenses consist of salespersons' salaries $80,000, depreciation on equipment $10,000, advertising $13,00 and sales commissions $6,000. The commissions represent commissions paid. At December 21, $3,000 of commissi have been earned by salespersons but have not been paid. All compensation should be recorded as Salaries and Wa Expense. 4. Administrative expenses consist of office salaries $17,000, dividends $18,000, utilities $12,000, interest expense $2,000, and rent expense $24,000, which includes prepayments totaling $6,000 for the first quarter of 2018. Prepare a detailed multi-step income statement below. Assume a 25% tax rate. SIMON COMPANY Income Statement For the Year Ended December 31, 2017 289 289 Problem 5-5A Simon Company nt for Simon Company, a retail firm that mine the following facts: 00, and sales returns and allowances pment $10,000, advertising $13,000, December 21, $3,000 of commissions ld be recorded as Salaries and Wages ilities $12,000, interest expense the first quarter of 2018. 289 289