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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 $ 46,220 19,600 71,000 54,000 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 $ 22,700 32,800 98,000 12,400 183,800 107,600 18,600 19,600 2,400 10, 680 $ 349,700 $349,700 requires 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, INC. Income Statement 0 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage % Required: 1. For the special offer, how much of the $480 relates to the sale of the cell phone versus the sale of the cellular service? Allocated Transaction Price Equipment Service

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