PATTON CORPORATION Adjusted Trial Balance December 31 Cash Accounts Receivable Inventory Prepaid Insurance Furniture & Fixtures Accumulated Depreciation - furniture & fixtures Delivery equipment Accumulated depreciation - delivery equip. Accounts Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Salaries Expense Rent Expense Utilities Expense Insurance Expense Depreciation Expense - Furniture & Fixtures Depreciation Expense - Delivery Equipment Income Tax Expense Totals Debit Credit $50,400 95,200 87,000 1,300 32,000 $6,800 66,000 34,000 17,400 208,000 50,000 381,000 214,800 97,000 20,800 6,800 1,500 3,200 18,000 3,200 $697,200 $697,200 Prepare a multi-step income statement for the year ended December 31 Note: Do not use negative signs with your answers. PATTON CORPORATION Income Statement For the Year Ended December 31 Sales Revenue 2 5 381,000 Cost of Goods Sold 214,800 Gross profit on sales 166,200 Operating expenses Selling, General and Administrative Expenses 147,300 Income before income taxes Income Tax Expense 3,200 Net Income $ 0