Question 1 [50 points] The work sheet for X-cell Inc. is shown below. Complete the classified multi-step income statement on the right. ion 1 [50 points] rk sheet for X-cell Inc. is shown below. te the classified multi-step income statement on the right. Income Statement Debit Credit X-cell Inc. Income Statement For the year ended December 31, 2014 Balance Sheet and Statement of Changes in Equity Debit Credit 30,000 65,500 Net sales 77,500 16,500 18,000 Gross profit from sales Operating expenses Selling expenses 18,000 36.000 Accumulated Depreciation, Office Equipment Accumulated Depreciation, Office Fixtures Cost Of Goods Sold Depreciation Expense, Office Equipment Depreciation Expense, Office Fixtures Dividends Interest Expense Liabilities Merchandise Inventory. Office Equipment Office Fixtures Office Salaries Expense Rent expense, office space Rent expense, selling space Rent revenue 594,500 Total selling expenses General and administrative expenses 52,500 122,000 610,500 Total general and administrative expenses Total operating expenses 91,500 72,000 86,500 136.500 Other revenues and expenses Net sales Gross profit from sales Operating expenses Selling expenses Total selling expenses General and administrative expenses Debit Credit Debit Credit Accumulated Depreciation, Office Equipment 30,000 Accumulated Depreciation, Office Fixtures 65,500 Cost Of Goods Sold 77,500 Depreciation Expense, Office Equipment 16.500 Depreciation Expense, Office Fixtures 18,000 Dividends 18,000 Interest Expense 36,000 Liabilities 594,500 Merchandise Inventory 52,500 Office Equipment 122,000 Office Fixtures 610,500 Office Salaries Expense 91,500 Rent expense, office space 72,000 Rent expense, selling space. 86,500 Rent revenue Retained Earnings 171,000 Sales 333.000 Sales Discounts 14,000 Sales Returns and Allowances 11,500 Sales Salaries Expense 158,000 Share Capital 54,000 Totals 581,500 469,500 803,000 915,000 Net Loss 112,000 112,000 Totals 581,500 581,500 915,000 Total general and administrative expenses Total operating expenses Other revenues and expenses 136,500 915,000