Q2.11 An inexperienced accotntant prepared this condensed income statement for Simon company, a retail firm that has been in business for a number of years. SIMON COMPANV As an experienced, knowledgeable accountant, you review the statement and detens the following facts. 1. Net sales consist of sales $911,000, less freight-out on merchandise sold $33,000, w] sales returns and allowances $28,000. 2. Other revenues consist of sales discounts $18,000 and rent revenue $4,000. 3. Selling expenses consist of salespersons' salaries $80,000, depreciation on equipproes $10,000, advertising $13,000, and sales commissions $6,000. The commissions repe sent commissions paid. At December 31, $3,000 of commissions have been earned be and Wages Expense. 4. Administrative expenses consist of office salaries $47,000, dividends $18,000, urilita $12,000, interest expense $2,000, and rent expense $24,000, which includes prepaymem totaling $6,000 for the first quarter of 2018 . Instructions Prepare a correct detailed multiple-step income statement. Assume a 25% tax rate