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Ul LHe Year Ended December 31, 2017 Revenues Net sales Other revenues Cost of goods...

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Ul LHe Year Ended December 31, 2017 Revenues Net sales Other revenues Cost of goods sold Gross profit Operating expenses Selling expenses Administrative expenses 850,000 872,000 317,000 109,000 Net earnings $105,000 As an experienced, knowledgeable accountant, you review the statement and determine the following facts: 1. Net sales consist of: sales 5911,000, less freight-out on merchandise sold $33,000, and sales returns and allowances $28,000 2. Other revenues consist of sales discounts $18,000 and rent revenue $4,000 3. Selling expenses consist of salespersons' salaries $80,000, depreciation on equipment $10,000, advertising $13,000, and sales commissions $6,000. The commissions represent commissions paid. At December 21, $3,000 of commissions have been earned by salespersons but have not been paid. All compensation should be recorded as Salaries and Wages Expense. 4. Administrative expenses consist of office salaries $47,000, dividends $18,000, utilities $12,000, interest expense $2,000, and rent expense $24,000, which includes prepayments totaling S6,000 for the first quarter of 2018 Prepare a detailed multi-step income statement. Assume a 25% tax rate. crdsheet and suhmit with vour exnlanation No APA paper is

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