inexperienced prepared this condensed income statement for Simo accountant firm that has been in business for a number of years. ment for Simon icome sto ail company a retail firm that (LO 4), A SIMON COMPANY Income Statement For the Year Ended December 31,2017 Revenues Net sales Other revenues $850,000 22,000 872,000 555,000 317000 Cost of goods sold Gross profit Operating expenses 109,000 103,000 212,000 $105,000 Selling expenses Administrative expenses Net earnings