0 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: Account Titles Debits Credits Cash $ 45,190 Accounts Receivable 19,200 Inventory 69,500 Property and Equipment 53,000 Accumulated Depreciation $ 22,300 Accounts Payable 32,100 Common Stock 96,000 Retained Earnings, January 1 12,200 179,600 105,200 Salaries and Wages Expense 18,200 office Expenses 19,200 Interest Expense 2,300 Income Tax Expense 10,410 Totals $342,200 $342, 200 Sales Revenue Cot of Goods Sold CP6-5 Part 1 Required: 1. Prepare a multistep income statement that would be used for external reporting purposes. TIP: Some of the accounts listed will appear on the balance sheet rather than the income statement. PSYMON COMPANY, INC. Income Statement For the Year Ended December 31 Sales Revenue Cost of Goods Sold Gross Profit Salaries and Wages Expense Office Expenses Other Operating Expenses Income before Income Tax Expense Income Tax Expense Income before Income Tax Expense 179,600 (105,200) 74,400 18,200 19,200 (37,400) (2,300) (10,410) 34,700 Net Income $ 24,290