Prepare a multistep income statement that would be used for external reporting purposes

The following information applies to the questions displayed below. Psymon Company, Inc., sells construction equipment. The annual fiscal period ends on Decem adjusted trial balance was created from the general ledger accounts on December 31: Credits Debits $ 44,060 18,800 68,000 52,000 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 $ 21,800 31,400 94,000 12,000 175,400 102,800 17,800 18,800 2,200 10,140 $334,600 $334,600