Problems SA An inexpenented courtant pred this condensed income statement for Cullumber Company retail firm that has been in business for a number of years CULLUMBER COMPANY Income Statement for the Year Ended December 31, 2017 Revenues 3900.000 Nel sales Other revenues 924330 Cast of goods sold 38300 Gross profit 336,020 Operating expenses Selling penes 115,540 Administrative expenses 109,10 224,720 Net earnings 5111,300 As an experienced, knowledgeable accountant, you review the statement and determine the following facts Net sales consist of sales 1965,650, less freight out on merchandise sold 34,980, and sales retorns and stowances $29,60 Other revenues consist of es discounts $13,050 and rent revenue $4,240 3 Selling expenses consist of salespersons salanes 84,800, deprecation on equipment $10,600 advertising $11,7801 and sales commissions 36,360. The commissions represent commissions paid. At December 3, 3.180 of commission have been warned to ale person but have not teen paid All compensation should be recorded Salaries and Wages Expense 4. Administrative expemes cotist of office solares $45.820. dividends $19.00 utilities $12,726, interest expense $2,120 and rent expense $25,440 which includes prepayments totalmg $6,360 for the first Guarter of 2018. 1 2 Prepare a correct detailed multiple-step income statement. Assume a 25% tax rate (ist other revenues before other expenses. Round ansivers CULLUMBER COMPANY Income Statement