CP6-5 (Algo) Preparing a Multistep Income Statement and Computing the Gross Profit Percentage [LO 6- 6) [The following information applies to the questions displayed below.) Psymon Company, Incorporated, 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 $ 48,280 Accounts Receivable 20,400 Inventory 74,000 Property and Equipment 56,000 Accumulated Depreciation $ 23,500 Accounts Payable 34,200 Common Stock 102,000 Retained Earnings, January 1 12,800 Sales Revenue 192,200 Cost of Goods Sold 112,400 Salaries and Wages Expense 19,400 Office Expense 20,400 Interest Expense 2,600 Income Tax Expense 11,220 Totals $ 354,700 $ 354,700 CP6-5 (Algo) Part 1 Required: 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 Required: 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, INCORPORATED Income Statement