$.$ Exercise $4-18($Algo$)$ Preparing a multiple$-$step income statement LO P$4$

Fit$-$for$-$Life Foods reports the following income statement accounts for the year ended December $31.$

Prepare a multiple$-$step income statement. $\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|$c$|\}$

$\backslash$hline $\backslash$multicolumn$\{4\}\{|$c$|\}\{$FIT$-$FOR$-$LIFE FOODS$\}\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{4\}\{|$c$|\}\{$Income Statement$\}\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{4\}\{|$c$|\}\{$For Year Ended December $31\}\backslash \backslash$

$\backslash$hline Sales & & $\backslash$$ & $211,000\backslash \backslash$

$\backslash$hline Less: Sales discounts & $\backslash$$ $15,300$ & & $\backslash \backslash$

$\backslash$hline Less: Sales returns and allowances & $4,000$ & & $19,300\backslash \backslash$

$\backslash$hline Net sales & & & $191,700\backslash \backslash$

$\backslash$hline Cost of goods sold & & & $88,800\backslash \backslash$

$\backslash$hline Gross profit & & & $102,900\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{4\}\{|$l$|\}\{$Expenses$\}\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{4\}\{|$l$|\}\{$Selling expenses$\}\backslash \backslash$

$\backslash$hline Sales salaries expense & $22,300$ & & $\backslash \backslash$

$\backslash$hline Rent expense$-$Selling space & $10,700$ & & $\backslash \backslash$

$\backslash$hline TV advertising expense & $2,300$ & & $\backslash \backslash$

$\backslash$hline Sales commission expense & $12,400$ & & $\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{4\}\{|$l$|\}\{\}\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{4\}\{|$l$|\}\{\}\backslash \backslash$

$\backslash$hline Total selling expenses & & & $47,700\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{4\}\{|$l$|\}\{$General and administrative expenses$\}\backslash \backslash$

$\backslash$hline Office supplies expense & $620$ & & $\backslash \backslash$

$\backslash$hline Insurance expense & $1,200$ & & $\backslash \backslash$

$\backslash$hline Depreciation expense$-$Office copier & $510$ & & $\backslash \backslash$

$\backslash$hline & & & $\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}\backslash$begin$\{$tabular$\}\{|$l$|$r$|$r$|\}$

$\backslash$hline Total selling expenses & & $47,700\backslash \backslash$

$\backslash$hline General and administrative expenses & & $\backslash \backslash$

$\backslash$hline Office supplies expense & $620$ & $\backslash \backslash$

$\backslash$hline Insurance expense & $1,200$ & $\backslash \backslash$

$\backslash$hline Depreciation expense$-$Office copier & $510$ & $\backslash \backslash$

$\backslash$hline & & $\backslash \backslash$

$\backslash$hline & & $\backslash \backslash$

$\backslash$hline Total general and administrative expenses & & $50,030\backslash \backslash$

$\backslash$hline Total expenses & & $52,870\backslash \backslash$

$\backslash$hline Income from operations & & $\backslash \backslash$

$\backslash$hline Other revenues, gains, expenses $\backslash$& losses & & $\backslash \backslash$

$\backslash$hline Gain on sale of equipment & & $730\backslash \backslash$

$\backslash$hline Interest revenue & & $\backslash \backslash$

$\backslash$hline & & $\backslash \backslash$

$\backslash$hline Total other revenues, gains, expenses $\backslash$& losses & & $\backslash \backslash$

$\backslash$hline Net income & & $59,070\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$