The following adjusted trial balance for Bell Servicing was prepared at the end of the fiscal year, December 31, 2023: Account 101 Cash Debit $ 7,200 Credit 119 Merchandise inventory 15,400 125 Supplies 9,200 128 Prepaid insurance 3,200 165 Store equipment 50,200 166 Accumulated depreciation, store equipment $ 46,000 167 Office equipment 68,200 168 Accumulated depreciation, office equipment 33,400 201 Accounts payable 15,200 301 Jonah Bell, capital 24,520 302 Jonah Bell, withdrawals 40,200 413 Sales 283,800 415 Sales discounts 1,200 505 Cost of goods sold 74,000 612 Depreciation expense, store equipment 4,400 613 Depreciation expense, office equipment 3,000 622 Sales salaries expense 45,200 623 Office salaries expense 31,200 637 Insurance expense, store 1,200 638 640 641 651 652 Insurance expense, office. Rent expense, office space Rent expense, selling space Office supplies expense Store supplies expense 655 Advertising expense Totals 1,200 12,200 16,200 1,120 1,600 16,800 $402,920 $402,920 Required: 1. Prepare a classified multiple-step income statement that would be used by the business's owner. BELL SERVICING Required: 1. Prepare a classified multiple-step income statement that would be used by the business's owner. BELL SERVICING Income Statement For Year Ended December 31, 2023 Operating expenses. Selling Expenses Total selling expenses General and administrative expenses Operating expenses: Selling Expenses: Total selling expenses General and administrative expenses: Total general and administrative expenses Total operating expenses 2. Prepare a multiple-step income statement that would be used by external users. Operating expenses BELL SERVICING Income Statement For Year Ended December 31, 2023 Total operating expenses 3. Prepare a single-step income statement that would be provided to decision makers outside the company. BELL SERVICING Income Statement For Year Ended December 31, 2023 Revenues Expenses Total expenses Analysis Component: If you were a decision maker external to Bell Servicing, which income statement format would you prefer and why, if you had a choice? Format of income statement Analysis Component: If you were a decision maker external to Bell Servicing, which income statement format would you prefer and why, if you had a choice? Format of income statement Which income statement format(s) could you expect as an external user? Format of income statement