Multi-Step Income Statement - three (3) questions

Instructions: Please prepare a Multi-Step Income Statement on your scratch paper based on the following Partial Adjusted Trial Balance. Use this multi-step income statement to answer this question and the next two (2) questions. You will need to calculate 1.) Gross Profit, 2.) Operating Income, and 3.) Net Income After-taxes to answer these three (3) questions.

Question: Based on the Multi-step Income Statement you prepared on your scratch paper, what is the amount of Gross Profit on the Multi-step Income Statement for the period ending 12/31/xx?

Adjusted Trial Balance
December 31, 20xx
Accounts	Debit	Credit
Cash	$25,527
Accounts Receivable	50,000
Inventory	100,000
Prepaid Rent	4,000
Equipment	150,000
Accumulated Depreciation		$ 50,000
Accounts Payable		25,000
Deferred Revenue		25,000
Current Portion Long-term Debt		10,000
Long-term Debt		50,000
Bonds Payable		75,000
Common Stock		25,000
Treasury Stock	0
Retained Earnings		50,000
Dividends	5,000
Revenue		150,527
Cost of Goods Sold	75,000
Salaries Expense	5,000
Rent Expense	25,000
Insurance Expense	5,000
Depreciation Expense	10,000
Interest Expense	2,000
Income Tax Expense	4,000
Totals	$460,527	$460,527

Multi-Step Income Statement Question: Based on the Multi-step Income Statement you prepared on your scratch paper, what is the amount of "Operating Income" on the Multi-step Income Statement for the period ending 12/31/xx?

Multi-Step Income Statement Question: Based on the Multi-step Income Statement you prepared on your scratch paper, what is the amount of "Net Income After-Taxes" on the Multi-step Income Statement for the period ending 12/31/xx?