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Multi-Step Income Statement - three (3) questions Instructions: Please prepare a Multi-Step Income Statement on your scratch paper based on the following Partial Adjusted Trial Balance. Use this multi-step income statement to answer this question and the next two (2) questions. You will need to calculate 1.) Gross Profit, 2.) Operating Income, and 3.) Net Income After-taxes to answer these three (3) questions. Question: Based on the Multi-step Income Statement you prepared on your scratch paper, what is the amount of Gross Profit on the Multi-step Income Statement for the period ending 12/31/xx? Credit $ 50,000 25,000 25,000 10,000 50,000 Adjusted Trial Balance December 31, 20xx Accounts Debit Cash $25,534 Accounts Receivable 50,000 Inventory 100,000 Prepaid Rent 4,000 Equipment 150,000 Accumulated Depreciation Accounts Payable Deferred Revenue Current Portion Long-term Debt Long-term Debt Bonds Payable Common Stock Treasury Stock 0 Retained Earnings Dividends 5,000 Revenue Cost of Goods Sold 75,000 Salaries Expense 5,000 Rent Expense 25,000 Insurance Expense 5,000 Depreciation Expense 10,000 Interest Expense 2,000 Income Tax Expense 4,000 Totals $460,534 75,000 25,000 50,000 150,534 $460,534 Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123

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