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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.

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:

Account Titles Debits Credits
Cash $ 46,220
Accounts Receivable 19,600
Inventory 71,000
Property and Equipment 54,000
Accumulated Depreciation $ 22,700
Accounts Payable 32,800
Common Stock 98,000
Retained Earnings, January 1 12,400
Sales Revenue 183,800
Cost of Goods Sold 107,600
Salaries and Wages Expense 18,600
Office Expenses 19,600
Interest Expense 2,400
Income Tax Expense 10,680
Totals $ 349,700 $ 349,700

  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
Cost of Goods Sold
Gross Profit 0
Net Income

Sorry about the formatting. I am just not seeing the option for the categories I need. Please help!

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