ter 4: Multiple-Step Income Statement Review Problem hap Use the year end trial balance below to compute the following amounts that Music Shop's Multiple Step Income Statement 1. a. Net Sales b. Gross Profit c. Income from Operations d. Net Income would be repor 2. Identify whic a. b. h expenses would be classified as General and administrative expenses DebitCredit Selling expenses Cash Accounts Receivable Inventory Accounts Payable Capital Stock Retained Earnings Dividends Sales Sales Returns & Allowances Sales Discounts Cost of Goods Sold Advertising Expense Office Salaries Expense Sales Salaries Expense Office Supplies Expense Interest Expense Interest Revenue TOTAL $2,300 1,400 6,600 2,300 6,000 3,800 5,0001 140,000 1,200 1,000 100,000 3,500 19,000 11,000 2,000 600 $ 1,500 153,600 $153,600