The following data were provided by Mystery Incorporated for the year ended December 31: Cost of Goods Sold $165,000 17,600 Income Tax Expense Merchandise Sales (gross revenue) for Cash Merchandise Sales (gross revenue) on Credit 240,000 42,000 Office Expenses 19,000 Sales Returns and Allowances Salaries and Wages Expense 7,000 40,200 Required: 1. Prepare a multistep income statement. MYSTERY INCORPORATED Income Statement For the Year Ended December 31 Net Sales Gross Profit Total Operating Expenses Income from Operations Net Income 27,500 27,500 0 27,500 $ 27,500