Multi-step Income Statements The adjusted balances of Fletcher Distributors on December 31 are shown below. FLETCHER DISTRIBUTORS Adjusted Balances December 31 Cash $15,200 Accounts receivable 110,200 Inventory 84,000 Prepaid insurance 2,400 Supplies 6,400 Delivery equipment 80,000 Accumulated depreciation 35,000 Accounts payable 70,000 Common stock 100,000 Retained earnings 42,000 Sales revenue 785,800 Cost of goods sold 513,400 Salaries expense 118,000 Rent expense 40,000 Supplies expense 8,400 Utilities expense 4,000 Depreciation expense 16,000 Insurance expense 4,800 Income tax expense 30,000 Prepare a multi-step income statement for the year ended December 31. Combine all the operating expenses into one line on the income statement for selling, gener