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can you help me with the income statement and the gross profit percentage? Required information CP6-5 Preparing a Multistep Income Statement and Computing the Gross

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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 $ 61,970 25,600 93,500 69,000 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 $ 29,000 43,300 128,000 15,400 246,800 143,600 24,600 25,600 3,900 14,730 $462,500 $462,500 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 $ 246,800 143,600 103,200 24,600 25,600 Income from Operations interest Expense income before Income Tax Expense Income Tax Expense 3,900 14.730 Net Income 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage %

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