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I need help with this multi statement income sheet. I know some of my answers are but a lot are wrong Required information [The following
I need help with this multi statement income sheet. I know some of my answers are but a lot are wrong
Required information [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 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 Debits $ 48,280 20,400 74,000 56,000 23,500 34,200 102,000 12,800 192,200 112,400 19,400 20,400 2,600 11,220 $364,700 $364,700 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 $ 192,200 112,400 79,800 19,400 20,400 ales Revenue ost of Goods Sold Gross Profit alaries and Wages Expense Office Expenses oss from Operations ncome Tax Expense 42,400 (11,220) 26,180 t Income oss from OperationsStep by Step Solution
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