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? Adjusted Trial Balance December 31, 20xx Accounts Debit Credit Cash $25,503 50,000 Accounts Receivable 100,000 4,000 Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Deferred Revenue 150,000 $ 50.000 25,000 25.000 10,000 50.000 75,000 25,000 Current Portion Long-term Debt Long-term Debt Bonds Payable Common Stock Treasury Stock Retained Earnings Dividends Revenue Cost of Goods Sold Salaries Expense Rent Expense 0 50.000 5.000 150,503 75.000 5,000 4,000 150,000 $ 50,000 Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Deferred Revenue 25,000 25,000 10,000 50,000 75.000 Current Portion Long-term Debt Long-term Debt Bonds Payable Common Stock Treasury Stock Retained Earnings 25,000 0 50,000 Dividends 5,000 Revenue 150,503 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 Totals $460,503 5460,503