Income Statement

For Year Ended December $31$

$\backslash$table$[[,,],[,,],[,,],[,,],[$Expenses$,,],[$Selling expenses,,$],[,,],[,,],[$Total selling expenses,,$],[$General and administrative expenses,,$],[,,],[$Total expenses,,$]]$

A company reports the following 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, and general and administrative expenses. The company categorizes the following accounts as selling expenses: Sales Salaries Expense, Depreciation Expense$-$Store Equipment, and Advertising Expense. It categorizes the remaining expenses as general and administrative.