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Office salaries expense Sales discounts Rent expense-Office space $ 900 3,500 3,000 Advertising expense 800 Sales returns and allowances 400 Office supplies expense 800

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Office salaries expense Sales discounts Rent expense-Office space $ 900 3,500 3,000 Advertising expense 800 Sales returns and allowances 400 Office supplies expense 800 Cost of goods sold 12,000 Sales 50,000 2,500 Insurance expense Sales staff salaries expense 4,000 Prepare a multiple-step income statement for the year ended December 31. Answer is not complete. Save-the-Earth Company Income Statement For Year Ended December 31 Sales Less: Sales returns and allowances Less: Sales discounts Net sales Cost of goods sold Gross profit Expenses Selling expenses Rent expense-Office space Advertising expense Total selling expenses General and administrative expenses Office salaries expense Insurance expense Office salaries expense Total general and administrative expenses 0 0 0 0 0

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