The adjusted trial balance of Molly Distributors on December 31 is shown below.

Required 

Prepare a multi-step income statement for the year ended December 31. Combine all the operating expenses into one line on the income statement for selling, general and administrative expenses.

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Cash..... Accounts receivable. Inventory....... Prepaid insurance.. Supplies... Delivery equipment. Accounts payable... Accumulated depreciation Common stock. Retained earnings Sales revenue.. Cost of goods sold. Salaries expense Rent expense... Supplies expense. Utilities expense. Depreciation expense. Insurance expense. Income tax expense. MOLLY DISTRIBUTORS Adjusted Trial Balance December 31 Debit $ 30,200 110,200 Credit 94,000 2,400 6,400 85,000 $ 35,000 100,000 105,000 22,800 791,000 513,400 123,000 40,000 6,400 4,000 16,000 6,800 16,000 $1,053,800 $1,053,800