Question: Please help and explain to fill out income statement because i think it's incorrect Psymon Company, Incorporated, sells construction equipment. The annual fiscal period ends

Please help and explain to fill out income statement because i think it's incorrect
Please help and explain to fill out income statement because i think

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 $ 57,750 Accounts Receivable 24,000 Inventory 87,500 Property and Equipment 65,000 Accumulated Depreciation $ 27,300 Accounts Payable 40,500 Common Stock 120,000 Retained Earnings, January 1 14,600 Sales Revenue 230,000 Cost of Goods Sold 134,000 Salaries and Wages Expense 23,000 Office Expense 24,000 Interest Expense 3,500 Income Tax Expense 13,650 Totals $.432,400 $.432,400 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 $ PSYMON COMPANY, INCORPORATED Income Statement For the Year Ended December 31 Sales Revenue Cost of Goods Sold Gross Profit Salaries and Wages Expense Office Expense Accumulated Other Comprehensive Incomo 230,000 (134,000) 96,000 (23,000) (24,000)

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