Multi-step Income Statements The adjusted trial balance of Crane Distributors on December 31, 2013 is shown below.

CRANE DISTRIBUTORS Adjusted Trial Balance December 31, 2013
	Debit	Credit
Cash	$16,720
Accounts Receivable	121,220
Inventory	92,400
Prepaid Insurance	2,640
Supplies	7,040
Delivery Equipment	88,000
Accumulated Depreciation		$38,500
Accounts Payable		77,000
Common Stock		110,000
Retained Earnings		46,200
Sales Revenue		864,380
Cost of Goods Sold	564,740
Salaries Expense	129,800
Rent Expense	44,000
Supplies Expense	9,240
Utilities Expense	4,400
Depreciation Expense	17,600
Insurance Expense	5,280
Income Tax Expense	33,000
Totals	$1,136,080	$1,136,080

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
AnswerAccounts PayableAccounts ReceivableAccumulated DepreciationCashCommon StockCost of Goods SoldDelivery EquipmentIncome Tax ExpenseInventoryPrepaid InsuranceRetained EarningsSales RevenueSelling, General and Administrative ExpensesSupplies	$Answer
AnswerAccounts PayableAccounts ReceivableAccumulated DepreciationCashCommon StockCost of Goods SoldDelivery EquipmentIncome Tax ExpenseInventoryPrepaid InsuranceRetained EarningsSales RevenueSelling, General and Administrative ExpensesSupplies	Answer
Gross profit on sales	Answer
Operating expenses
AnswerAccounts PayableAccounts ReceivableAccumulated DepreciationCashCommon StockCost of Goods SoldDelivery EquipmentIncome Tax ExpenseInventoryPrepaid InsuranceRetained EarningsSales RevenueSelling, General and Administrative ExpensesSupplies	Answer
Income before income taxes	Answer
AnswerAccounts PayableAccounts ReceivableAccumulated DepreciationCashCommon StockCost of Goods SoldDelivery EquipmentIncome Tax ExpenseInventoryPrepaid InsuranceRetained EarningsSales RevenueSelling, General and Administrative ExpensesSupplies	Answer
Net Income	$Answer