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54.Award: 1.00pointProblems? Adjust credit for all students.Save-the-Earth Co. reports the following income statement accounts for the year ended December31.Sales discounts$750Office salaries expense2,000Rent expense—Office space1,500Advertising expense500Sales returns and allowances250Office supplies expense500Cost of goods sold9,000Sales20,000Insurance expense1,000Sales staff salaries2,500Required:Prepare a multiple-step income statement for the year ended December 31.
$$$Save-the-Earth Co.Income StatementFor Year Ended December 31Sales20,000Less: Sales discounts750Less: Sales returns and allowances250Net salesCost of goods sold9,000Gross profitExpensesSelling expensesSales staff salaries2,500Advertising expense500Total selling expensesGeneral and administrative expensesOffice supplies expense