CP6-5 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, 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 Cash Accounts Receivable Inventory Property and Equipment Accumulated Depreciation Accounts Payable Common Stock Retained Earnings, January 1 Sales Revenue Cost of Goods Sold Salaries and Wages Expense Office Expenses Interest Expense Income Tax Expense Totals Debits $ 42,006 18,000 65,0oe 50,000 Credits $ 21,000 30,000 90,000 11,600 167,000 98,000 17,000 18,000 2,000 9,600 $319,600 $319,600