Fit-for-Life Foods 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; general and administrative expenses; and other revenues, gains, expenses, and losses. Categorize the following accounts as selling expenses: Sales Staff Wages, Rent Expense—Selling Space, TV Advertising Expense, and Sales Commission Expense.

Categorize the remaining expenses as general and administrative.

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Gain on sale of equipment.. Office supplies expense.. Insurance expense... $ 6,250 $ 500 Depreciation expense-Office copier.... Sales discounts .. ..... 700 16,000 1,300 Sales returns and allowances.. 4,000 Sales .... 220,000 TV advertising expense.. Interest revenue. Cost of goods sold.... Sales commission expense. 2,000 Office salaries expense Rent expense-Selling space. Sales staff wages 32,500 750 10,000 90,000 23,000 13,000