Chapter 6: Accounting for Merchandising Operations REQUIRED 1. Prepare a multistep income statement for Will's. Store Salaries Expense, Advertising Expense, Store Supplies Expense, and Depreciation Expense-Store Equipment are selling expenses. The other expenses are general and administrative expenses. The company uses the periodic inventory system. Show details of net sales and operating expenses. 2. BUSINESS APPLICATION > Based on your knowledge at this point in the course, how would you use Will's income statement to evaluate the company's profitability? What other financial statements should you consider and why