Question 30 4.75 pts 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 $25,557 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 Deferred Revenue 25,000 10,000 50,000 75,000 25,000 0 50,000 5,000 Current Portion Long-term Debt Long-term Debt Bonds Payable Common Stock Treasury Stock Retained Earnings Dividends Revenue Cost of Goods Sold Salaries Expense Rent Expense Insurance Expense Depreciation Expense Interest Expense Income Tax Expense Totals 150,557 75,000 5,000 25,000 5,000 10,000 2.000 4,000 $460,557 $460,557 Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 Question 31 4.75 pts 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? Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 Question 32 4.75 pts 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? Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc. just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123
