Multi-step Income Statements The adjusted trial balance of Molly Distributors on December 31 is shown below. MOLLY DISTRIBUTORS Adjusted Trial Balance December 31 Debit Credit Cash $30.200 Accounts Receivable 110,200 Inventory 94,000 Prepaid Insurance 2,400 Supplies 6,400 Delivery Equipment 85.000 Accumulated Depreciation $35.000 Accounts Payable 100,000 Common Stock 105,000 Retained Earnings 22,800 Sales Revenue 791.000 Cost of Goods Sold $13.400 Salaries Expense 123.000 Rent Expense 40.000 Supplies Expense 6,400 Utilities Expense 4,000 Depreciation Expense 16.000 Insurance Expense 6,800 Income Tax Expense 16,000 Totals $1.053.800 51.053.800 Prepare a multi-step income statement for the year ended December 31. Combine all the operating Note: Do not use negative signs with your answers MOLLY DISTRIBUTORS Income Statement For the Year Ended December 31, 2016 s Gross profit on sales Operating expenses Income before income taxes 22,800 Retained Earnings Sales Revenue 791,000 Cost of Goods Sold 513,400 123,000 40,000 6,400 Salaries Expense Rent Expense Supplies Expense Utilities Expense Depreciation Expense Insurance Expense Income Tax Expense 4,000 16.000 6,800 16,000 $1,053,800 $1,053,800 Totals Prepare a multi-step income statement for the year ended December 31. Com Note: Do not use negative signs with your answers. MOLLY DISTRIBUTORS Income Statement For the Year Ended December 31, 2016 $ Gross profit on sales Operating expenses . Income before income taxes Net Income $