The following is a listing of the Income Statement accounts for Mulberry Street Sportswear as they appear on the adjusted trial balance as of December 31.

Advertising Expense $12,000

Cost of Goods Sold 89,000

Delivery Expense 6,000

Insurance Expense 1,000

Income Tax Expense 2,000

Rent Expense 12,000

Interest Expense 5,000

Sales Revenue 160,000

Sales Discounts 11,000

Sales Returns & Allowances 19,000

A. Prepare a multistep income statement. Include all operating expenses in one line item called "Selling, General and Administrative Expenses" and all non-operating revenues (expenses) in one line item called "Other Revenue (Expenses), net".

Mulberry Street Sportswear
Income Statement