Preparing a multiple-step income statement P4 Save-the-Earth Co. reports the following income statement accounts for the year ended December 31. Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses. Categorize the following accounts as selling expenses: Sales Staff Salaries and Advertising Expense. Categorize the remaining expenses as general and administrative. Sales discounts.. Office salaries expense $ 750 Office supplies expense.. $ 500 2,000 Cost of goods sold. 9,000 Rent expense-Office space 1,500 Sales...... 20,000 Advertising expense... 500 Insurance expense... 1,000 Sales returns and allowances. 250 Sales staff salaries. 2,500

Preparing a multiple-step income statement P4 Save-the-Earth Co. reports the following income statement accounts for the year ended December 31. Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses. Categorize the following accounts as selling expenses: Sales Staff Salaries and Advertising Expense. Categorize the remaining expenses as general and administrative. Sales discounts.. Office salaries expense $ 750 Office supplies expense.. $ 500 2,000 Cost of goods sold. 9,000 Rent expense-Office space 1,500 Sales...... 20,000 Advertising expense... 500 Insurance expense... 1,000 Sales returns and allowances. 250 Sales staff salaries. 2,500