The following income statement items, arranged in alphabetical order, are taken from the records of Corbin Enterprises for the current year: Assume that Corbin Enterprises classifies all operating expenses into two categories: selling and (2) general and administrative. Prepare a multiple-step income statement for the current year. What advantages do you see in this form for the income statement? Compute Corbin's profit margin. Comment on Corbin's profitability. What other factors need to be taken into account to assess Corbin's profitability? What advantage do you see in multi-step income statement? Compute Corbin's profit margin. Additional Instructions Profit margin % Comment on Corbin's profitability. What other factors need to be taken into account to assess Corbin's profitability? A profit margin of % means that for every dollar of sales the company has net income of $ What other factors need to be taken into account to assess Corbin's profitability? Check all that apply. It would be important to compare the profit margin with prior years. It would be important to compare the profit margin with other companies in the same industry. It would be important to compare the profit margin to the company's cash balance. None of the above