Required information CP6-5 Preparing a Multistep Income Statement and Computing the Gross Profit Percentage [LO 6-6] [The following information applies to the questions displayed below.) 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 $ 51,470 21,600 78,500 59,000 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 $ 24,800 36,300 108,000 13,400 204,800 119,600 20,600 21,600 2,900 12,030 $387,300 $387.300 CP6-5 Part 1 Required: a multistep income statement that would be used for external reporting purposes will appear on the balance sheet rather than the income statement. PSYMON COMPANY, INC. Income Statement 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 $ 51,470 21,600 78,500 59,000 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 $ 24,800 36,300 108,000 13,400 204,800 119,600 20,600 21,600 2,900 12,030 $387,300 $387,300 CP6-5 Part 2 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage