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 $41.040 Accounts Receivable 297,540 Inventory 226,800 Prepaid Insurance 6,480 Supplies 17,280 Delivery Equipment 216,000 Accumulated Depreciation $94,500 Accounts Payable 189,000 Common Stock 270,000 Retained Earnings 113,400 Sales Revenue 2,121,660 Cost of Goods Sold 1,386,180 Salaries Expense 318,600 Rent Expense 108,000 Supplies Expense 22,680 Utilities Expense 10.800 Depreciation Expense 43,200 Insurance Expense 12,960 Income Tax Expense 81.000 Totals $2,788,560 $2.788,560 Note: Do not use negative signs with your answers. CRANE DISTRIBUTORS Income Statement For the Year Ended December 31 TA ( Gross profit on sales Operating expenses Income before income taxes Net Income $