Psymon Company, Incorporated, sells construction equipment. The annual fiscal period ends on December 31. The following...

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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 Cash Accounts Receivable Inventory Property and Equipment Accumulated Depreciation Accounts Payable Common Stock Debits $ 50,440 Credits 21,200 77,000 58,000 $ 24,400 35,600 Retained Earnings, January 1 Sales Revenue 106,000 13,200 200,600 Cost of Goods Sold 117,200 Salaries and Wages Expense 20,200 Office Expense 21,200 Interest Expense Income Tax Expense Totals 2,800 11,760 $ 379,800 $ 379,800 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 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 Cash Accounts Receivable Inventory Property and Equipment Accumulated Depreciation Accounts Payable Common Stock Debits $ 50,440 Credits 21,200 77,000 58,000 $ 24,400 35,600 Retained Earnings, January 1 Sales Revenue 106,000 13,200 200,600 Cost of Goods Sold 117,200 Salaries and Wages Expense 20,200 Office Expense 21,200 Interest Expense Income Tax Expense Totals 2,800 11,760 $ 379,800 $ 379,800 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