Prepare a correct detailed multiple-step income statement. assume a 25% tax rate

An inexperienced accountant prepared this condensed income statement for Skysong, Inc., a retail firm that has been in business for a number of years. Skysong, Inc. Income Statement For the Year Ended December 31, 2022 Revenues Net sales $935.000 Other revenues 24,200 959,200 Cost of goods sold 610,500 Gross profit 348,700 Operating expenses Selling expenses 119.900 Administrative expenses 113.300 233.200 Net earnings $115,500 1. 2 As an experienced, knowledgeable accountant, you review the statement and determine that the following steps were taken by the accountant to compute the amounts presented in the income statement. Net sales, as presented, consist of sales $1,002, 100, less freight-out on merchandise sold $36,300, and sales returns and allowances $30,800 Other revenues, as presented, consist of sales discounts $19,800 and rent revenue $4,400. Selling expenses, as presented, consist of salesperscris salaries $88,000; depreciation on equipment $11,000; advertising $14,300; and sales commissions $6,600. The commissions represent commissions paid. At December 31, $3,300 of commissions have been earned by salespersons but have not been paid. All compensation should be recorded as Salaries and Wages Expense. Administrative expenses, as presented, consist of office salaries $51,700, dividends $19,800; utilities $13,200; interest expense $2,200, and rent expense S26,400. which includes prepayments totaling $6,600 for the first quarter of 2018. 3. 4. Prepare a correct detailed multiple-step income statement. Assume a 25% tax rate (List other revenues before other expenses. Round answers to decimal places, eg. 5,125.) Skysong, Inc. Income Statement For the Year Ended December 31: 2022 Sales Sales Revenue Less : Sales Returns and Allowances Sales Discounts Net Sales Cost of Goods Sold Gross Pront Operating Expenses Salaries and Wages Expense Freight Out Rent Expense Advertising Expense Utilities Expense Depreciation Expense Total Operating Expenses Income From Operations Other Revenues and Gains Rent Revenue Other Expenses and Losses Interest Expense Income Before Income Taxes Income Tax Expense Net Income /(Loss)