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Required information CP6-5 Preparing a Multistep Income Statement and Computing the Gross Profit Percentage [LO...

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Required information CP6-5 Preparing a Multistep Income Statement and Computing the Gross Profit Percentage [LO 6-6) [The following information applies to the questions displayed below.) Psymon Company, Inc., sells construction equipment. The annual fiscal period ends on December 31. The following adjusted trial balance was created from the general ledger accounts on December 31 Credits Debits $ 46,220 19,600 71,000 54,000 Account Titles Cash Accounts Receivable Inventory Property and Equipment Accumulated Depreciation Accounts Payable Common Stock Retained Earnings, January 1 Sales Revenue Cost of Goods Sold Salaries and Wages Expense Office Expenses Interest Expense Income Tax Expense Totals $ 22,700 32,800 98,000 12,400 183,800 107,600 18,600 19,600 2,400 10, 680 $ 349,700 $349,700

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