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.

Multi-step Income Statements The adjusted trial balance of Patton Corporation on December 31 is shown below. PATTON CORPORATION Adjusted Trial Balance December 31 Debit Credit Cash $50,400 Accounts Receivable 95,200 Inventory 87,000 Prepaid Insurance 1,300 Furniture 8. Fixtures 32,000 Accumulated Depreciation , furniture 8' fixtures $6,800 Delivery equipment 66,000 Accumulated depreciation , delivery equip. 34,000 Accounts Payable 17,400 Common Stock 208,000 Retained Earnings 50,000 Sales Revenue 381,000 Cost of Goods Sold 214,800 Salaries Expense 97,000 Rent Expense 20,800 Utilities Expense 6,800 Insurance Expense 1,500 Depreciation Expense - Furniture & Fixtures 3,200 Depreciation Expense - Delivery Equipment 18,000 Income Tax Expense 3,200 Totals $697,200 $697,200 Note: Do not use negative sigr with your answers. PATTON CORPORATION Income Statement For the Year Ended December 31 Gross prot on sales Operating expenses Income before income taxes Net Income Ck