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CP6-4 Preparing a Multistep Income Statement with Sales Discounts and Sales Returns and Allowances and...

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CP6-4 Preparing a Multistep Income Statement with Sales Discounts and Sales Returns and Allowances and Computing the Gross Profit Percentage [LO 6-5] The Solowing information applies to the questlions displayed below Psymon Company, Inc sells construction equipment. The annual fiscal period ends on December 31. The folowing adjusted trial balance was eated from the general ledger accont, cn December at Accounts Recelvable Inventory Property and Equipment 51470 1,600 8 500 59.000 24,800 6.300 Liabilities Common Stock Resained Earnings, Jaroary 1 Sales Revenue 08,000 Q400 222.500 Saies Returns and Allowances Saies Discounts Cost of Goods Sold Salaries and Wages Expense Office Expense Interest Expenses Income Tax Experse 7.900 9,800 9 600 20,600 21600 2900 2.000 Totals 405,000 $405,000

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