Jet Set Company sells office equipment. The following is its adjusted trial balance on 12/31: Required: 1. Prepare a multistep income statement that would be used for extemal reporting purposes, TIP: Some of the accounts listed will appear on the balance sheet rather than the income statement. 2. Compute the gross profit percentage. Question \#3 In your own words, list and describe the four basic financial statements. Discuss the format, accounts included and purpose of each statement. Also, explain the accounting process - how are the numbers on the financial statements arrived at - where do the numbers come from? Why are the financials needed - how do corporate stakeholders benefit from the financial statements? Jet Set Company sells office equipment. The following is its adjusted trial balance on 12/31: Required: 1. Prepare a multistep income statement that would be used for extemal reporting purposes, TIP: Some of the accounts listed will appear on the balance sheet rather than the income statement. 2. Compute the gross profit percentage. Question \#3 In your own words, list and describe the four basic financial statements. Discuss the format, accounts included and purpose of each statement. Also, explain the accounting process - how are the numbers on the financial statements arrived at - where do the numbers come from? Why are the financials needed - how do corporate stakeholders benefit from the financial statements