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? Credit Adjusted Trial Balance December 31, 20xx Accounts Debit Cash $25,510 Accounts Receivable 50,000 Inventory 100,000 Prepaid Rent 4,000 Equipment 150,000 Accumulated Depreciation Accounts Payable Deferred Revenue Current Portion Long-term Debt Long-term Debt Bonds Payable Common Stock 0 Treasury Stock Retained Earnings 5.000 Dividends $ 50,000 25,000 25,000 10,000 50,000 75,000 25,000 50,000 150,510 Revenue 75,000 Cost of Goods Sold Adjusted Trial Balance December 31, 20xx Debit Accounts Credit Cash $25,510 Accounts Receivable 50,000 100,000 4,000 150,000 $ 50,000 25,000 25,000 Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Deferred Revenue Current Portion Long-term Debt Long-term Debt Bonds Payable Common Stock Treasury Stock Retained Earnings Dividends Revenue 10,000 50,000 75,000 25,000 0 50,000 5,000 150,510 Cost of Goods Sold 75,000 5,000 25,000 Salaries Expense Rent Expense Insurance Expense Depreciation Expense Interest Expense Income Tax Expense Totals 5,000 10,000 2,000 4,000 $460,510 $460,510 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
