CRANE DISTRIBUTORS Adjusted Trial Balance December 31, 2013 Debit Credit $15,200 110,200 84,000 2,400 6,400 80,000 Cash Accounts Receivable Inventory repaid Insurance Supplies Delivery Equipment Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Salaries Expense Rent Expense $35,000 70,000 100,000 42,000 785,800 Supplies Expense Utilities Expense Depreciation Expense insurance Expense 513,400 118,000 40,000 8,400 4,000 16,000 4,800 Income Tax Expense 30,000 Totals $1,032,800 $1,032,800 Prepare a multi-step income statement for the year ended December 31. 2013. Combine all the operating expenses into one line on the income statement for selling, general and administrative expenses Do not use negative signs for your answers CRANE DISTRIBUTORS Income Statement For the Year Ended December 31 Gross profit on sales Operating expenses Income before income taxes Net Income