:: M Multi-step Income Statements The adjusted trial balance of Marshall Corporation on December 31, 2013 is shown below. MARSHALL CORPORATION Adjusted Trial Balance December 31, 2013 Debit Credit Cash $83.520 Accounts Receivable 171,360 Inventory 156,600 Prepaid Insurance 540 Furniture & Fixtures 57,600 Accumulated Depreciation - furniture & fixtures $12,240 Delivery equipment 117,000 Accumulated depreciation - delivery equip. $57,600 Accounts Payable 31,320 Common Stock 360,000 Retained Earnings 107,280 Sales Revenue 657,360 Cost of Goods Sold 386,640 Salaries Expense 165,600 Rent Expense 37.440 Utilities Expense 12,240 Insurance Expense 2,700 Depreciation Expense - Furniture & Fixtures 5,760 Depreciation Expense. Delivery Equipment 23,400 Income Tax Expense 5,400 Totals $1,225,800 $1,225,800 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. Note: Do not use negative signs with your answers MARSHALL CORPORATION Income Statement For the Year Ended December 31 Gross profit on sales Operating expenses Income before income taxes Net Income