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.

Compute the gross profit percentage. (Round your answer to 1 decimal place.)

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: Credits Debits $ 54,560 22,800 83,000 62,000 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 $ 26,000 38,400 114,000 14,000 217,400 126,800 21,800 22,800 3,200 12,840 $409,800 $ 409,800