Present a multiple-step income statement that lists the companys net sales, cost of goods sold, and gross profit from sales.

Present a condensed single-step income statement that lists these expenses: cost of goods sold, selling expenses, and general and administrative expenses.

Credit Debit $ 1,000 32,000 $ 28, 340 37,015 2,200 110 88,400 6,700 1,045 42,700 Merchandise inventory Other assets Liabilities Joe Mendelstein, capital Joe Mendelstein, withdrawals Interest income Sales Sales returns and allowances Sales discounts Purchases Purchase returns and allowances Purchase discounts Transportation in Sales salaries expense Rent expense, selling space Store supplies expense Advertising expense Office salaries expense Rent expense, office space office supplies expense Totals 1,750 820 4,650 17,000 8,400 2,400 8,200 21,200 6,800 2,140 $156,435 $156,435 MENDELSTEIN COMPANY Income Statement For Year Ended October 31, 2020 Operating expenses Total operating expenses $ 19,465 Other revenues and expenses: MENDELSTEIN COMPANY Income Statement For Year Ended October 31, 2020 Revenues: Total revenues Expenses: Total expenses