Multi-step income statements

Prepare a multi-step income statement for the year ended December 31, 2016. Combine all the operating expenses into one line on the income statement for selling, general and administrative expenses.

Adjusted Trial Balance DEBIT CREDIT

Cash................................................................................20,200

Accounts Receivable.........................................................110,200

Inventory...........................................................................94,000

Prepaid insurance..............................................................2,400

Supplies.............................................................................6,400

Delivery Equipment.............................................................85,000

Accumulated Depreciation.......................................................................................35,000

Accounts Payable...................................................................................................90,000

Common Stock.......................................................................................................105,000

Retained Earnings...................................................................................................42,000

Sales Revenue.........................................................................................................785,800

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............................................................30,000

total...............................................................................1,057,800 1,057,800