(The following information applies to the questions displayed below.) Baskin-Robbins is one of the world's largest specialty ice cream shops. The company offers dozens of different flavors, from Very Berry Strawberry to lowfat Espresso 'n Cream. Assume that a local Baskin- Robbins in Raleigh, North Carolina, has the following amounts for the month of July 2021. Salaries expense Inventory (July 1, 2021) Sales returns Utilities expense Income tax expense $12,000 1,450 1,000 2,750 4,300 Sales revenue Interest income Cost of goods sold Rent expense Interest expense Inventory (July 31, 2021) $61,300 1,600 27,850 5,000 300 1,000 Required: 1. Prepare a multiple-step income statement for the month ended July 31, 2021. BASKIN-ROBBINS Multiple-step Income Statement For the month of July 2021 Net sales: Total sales revenue $ 61,300 Less: Sales returns 1,000 Net sales revenue $ 60,300 Cost of goods sold 27,850 27,850 32,450 Cost of goods sold Gross profit Operating expenses: Salaries expense Utilities expense 12,000 2,750 5,000 Rent expense Total 19,750 12,700 Operating income Non-operating items: Interest income 1,600 (300) Interest expense Total 1,300 Income before income taxes Income tax expense 4,300 Net income