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 Debit Accounts Credit Cash $25.535 50,000 Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable 100,000 4.000 150,000 $ 50.000 25,000 Deferred Revenue 25,000 10,000 Current Portion Long-term Debt Long term Debt Bonds Payable 50.000 75,000 25,000 0 Common Stock Treasury Stock Retained Earnings Dividends 50,000 5,000 Revenue 150,535 Cost of Goods Sold 75,000 5.000 25,000 5,000 Salaries Expense Rent Expense Insurance Expense Depreciation Expense Interest Expense Income Tax Expense 10,000 2,000 4,000 $460,535 Totals $460.535 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 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