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Problem 4-50 5 revealed the following Analysis of Income Items-Multiple-Step Income Statement Preparation on December 31, 2015, analysis of Sayer Sporting Goods'operations for 2015 revealed the follo (a) Total cash collections from customers, $105,260. (b) December 31, 2014, inventory balance, $12,180. (c) Total cash payments, $92,450. (d) Accounts receivable, December 31, 2014, $22,150. (e) Accounts payable, December 31, 2014, $10,830. (f) Accounts receivable, December 31, 2015, $18,920. (9) Accounts payable, December 31, 2015, $7,120. (h) General and administrative expenses total 25% of sales. This amount includes the depreciation on store and equipment (1) Selling expenses of $12,352 total 20% of gross profit. 0 No general and administrative or selling expense liabilities existed at December 31, 2015. (k) Wages and salaries payable at December 31, 2014, $4,450. (1) Depreciation expense on store and equipment total 12% of general and administrative expenses (m)Shares of stock issued and outstanding, 5,000. (n) The income tax rate is 40%. Instructions: Prepare a multiple-step income statement for the year ended December 31, 2015