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

Multi-step Income Statements The adjusted trial balance of Crane Distributors on December 31 is shown below. CRANE DISTRIBUTORS Adjusted Trial Balance December 31 Cash Accounts Receivable Inventory Prepaid Insurance Supplies Delivery Equipment Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Salaries Expense Rent Expense Supplies Expense Utilities Expense Depreciation Expense Insurance Expense Income Tax Expense Totals Debit 522,800 165,300 125000 3,600 120,000 770,100 177,000 60,000 12,600 sooo 24000 7,200 45,000 Credit 552 soo 105000 150000 63000 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, general and administrative expenses. Note: Do not use negative signs with your answers. CRANE DISTRIBUTORS Income Staternent For the Year Ended December 31 Gross profit on sales Operating expenses Income before income taxes Net Income