Cash Accounts Receivable Inventory Prepaid Insurance Furniture & Fixtures Accumulated Depreciation - furniture & fixtures PATTON CORPORATION Adjusted Trial Balance December 31 Delivery equipment Accumulated depreciation - delivery equip. Accounts Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Salaries Expense Rent Expense Utilities Expense Insurance Expense Depreciation Expense - Furniture & Fixtures Depreciation Expense - Delivery Equipment Income Tax Expense Totals Sales Revenue Cost of Goods Sold Debit Credit $50,400 95,200 87,000 1,300 32,000 Gross profit on sales 66,000 Operating expenses Selling, General and Administrative Expenses Income before income taxes Income Tax Expense Net Income 214,800 97,000 20,800 6,800 1,500 3,200 Note: Do not use negative signs with your answers. PATTON CORPORATION Income Statement For the Year Ended December 31 + + Prepare a multi-step income statement for the year ended December 31 18,000 3,200 $697,200 $697,200 $6,800 34,000 17,400 208,000 50,000 381,000 69 $ 381,000 214,800 166,200 $ 147,300 0 3,200 0