MOLLY DISTRIBUTORS Adjusted Trial Balance December 31 Credit Debit $30,200 Cash 110,200 Accounts Receivable 94,000 Inventory 2,400 Prepaid Insurance 6,400 Supplies 85,000 Delivery Equipment Accumulated Depreciation $35,000 Accounts Payable 100,000 Common Stock 105,000 Retained Earnings 22,800 Sales Revenue 791,000 Cost of Goods Sold 513,400 Salaries Expense 123,000 Rent Expense 40,000 Supplies Expense 6,400 Utilities Expense 4,000 Depreciation Expense 16,000 Insurance Expense 6,800 Income Tax Expense 16,000 Totals $1,053,800 $1,053,800 Prepare a multi-step income statement for the dote: Do not use negative signs with your answers. MOLLY DISTRIBUTORS Income Statement For the Year Ended December 31, 2016 Gross profit on sales Operating expenses Income before income taxes Net Income Please answer all parts of the question. %24 %24