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

MARSHALL CORPORATION Adjusted Trial Balance December 31, 2013
	Debit	Credit
Cash	$83,520
Accounts Receivable	171,360
Inventory	156,600
Prepaid Insurance	540
Furniture & Fixtures	57,600
Accumulated Depreciation - furniture & fixtures		$12,240
Delivery equipment	117,000
Accumulated depreciation - delivery equip.		$57,600
Accounts Payable		31,320
Common Stock		360,000
Retained Earnings		107,280
Sales Revenue		657,360
Cost of Goods Sold	386,640
Salaries Expense	165,600
Rent Expense	37,440
Utilities Expense	12,240
Insurance Expense	2,700
Depreciation Expense - Furniture & Fixtures	5,760
Depreciation Expense - Delivery Equipment	23,400
Income Tax Expense	5,400
Totals	$1,225,800	$1,225,800

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.

MARSHALL CORPORATION Income Statement For the Year Ended December 31

	____
Gross profit on sales
Operating expenses
Income before income taxes
Net Income