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i need the gross profit percentage for the first one and the income statement is wrong rn. thank u! Required information CP6-5 (Algo) Preparing a
i need the gross profit percentage for the first one and the income statement is wrong rn. thank u! Required information CP6-5 (Algo) 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, Incorporated, 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 Debito Credits Cash $ 50,440 Accounts Receivable 21,200 Inventory 77,000 Property and Equipment 58,000 Accumulated Depreciation $ 24,400 Accounts Payable 35,600 Common Stock 106,000 Retained Earnings, January 1 13,200 Sales Revenue 200,600 Cost of Goods Sold 117,200 Salaries and Wages Expense 20,200 Office Expense 21,200 Interest Expense 2,800 Income Tax Expense 11,760 Totals $ 379,800 $ 379,800 CP6-5 (Algo) Part 1 Required: 1. Prepare a multistep income statement that would be used for exterhal reporting purposes. TIP: Some of the accounts listed will appear on the balance sheet rather than the income statement CP6-5 (Algo) 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, INCORPORATED Income Statement For the Year Ended December 31 Sales Revenue Cost of Goods Sold Gross Profit Salaries and Wages Expense Oto Expense Other Operating Expenses income before Income Tax Expense interest Expense income before Income Tax Expense Income Tax Expense 200.500 117 200 83.400 20,200 21.200 41.400 40.000 2.800 Net Income ! Required information PB6-4 (Algo) Recording Journal Entry after Allocating Transaction Price to Performance Obligations (LO 6-5) (The following information applies to the questions displayed below) Sky Communcations (SKY) usually sells a cell phone for $352 plus 12 months of cellular service for $528. SKY has a special, time-limited offer in which it gives the phone for free and sells the 12 months of cellutor service for $440. Each phone costs SKY $160, which it accounts for in its perpetual inventory system. On July 1 SKY sells one of the special packages, delivers the phone, collects the $440 cash, and starts the cellular service, PB6-4 (Algo) Part 1 Required: 1. For the special offer, how much of the $440 relates to the sale of the cell phone versus the sale of the cellular service? Allocated Transaction Price Equipment Service
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