02 P4-3B. Multi-step Income Statement The adjusted trial balance of Patton Corporation on December 31 is...

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02 P4-3B. Multi-step Income Statement The adjusted trial balance of Patton Corporation on December 31 is shown below. PATTON CORPORATION Adjusted Trial Balance December 31 Debit Credit Cash.... Accounts receivable. Inventory... $ 50,400 95,200 87,000 Prepaid insurance.. 1,300 Furniture and fixtures 32,000 Accumulated depreciation-furniture and fixtures $ 6,800 Delivery equipment.. 66,000 Accumulated depreciation-delivery equipment 34,000 Accounts payable. 17,400 Common stock. 208,000 Retained earnings Sales revenue. Cost of goods sold Salaries expense Rent expense... Utilities expense Insurance expense. Depreciation expense-furniture and fixtures Depreciation expense-delivery equipment.... Income tax expense 50,000 381,000 214,800 97,000 20,800 6,800 1,500 3,200 18,000 3,200 $697,200 $697,200 02 P4-3B. Multi-step Income Statement The adjusted trial balance of Patton Corporation on December 31 is shown below. PATTON CORPORATION Adjusted Trial Balance December 31 Debit Credit Cash.... Accounts receivable. Inventory... $ 50,400 95,200 87,000 Prepaid insurance.. 1,300 Furniture and fixtures 32,000 Accumulated depreciation-furniture and fixtures $ 6,800 Delivery equipment.. 66,000 Accumulated depreciation-delivery equipment 34,000 Accounts payable. 17,400 Common stock. 208,000 Retained earnings Sales revenue. Cost of goods sold Salaries expense Rent expense... Utilities expense Insurance expense. Depreciation expense-furniture and fixtures Depreciation expense-delivery equipment.... Income tax expense 50,000 381,000 214,800 97,000 20,800 6,800 1,500 3,200 18,000 3,200 $697,200 $697,200