Question: please explain each step!! Required information [The following information applies to the questions displayed below] Psymon Company, Incorporated, sells construction equipment. The annual fiscal period

please explain each step!! please explain each step!! Required information [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

Required information [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 : 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. 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.)

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