Required information [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: Account Titles Debits Credits $ 45,190 19,200 69,500 53,000 Cash Accounts Receivable Inventory Property and Equipment Accumulated Depreciation Accounts Payable $ 22,300 32,100 96,000 12,200 179,600 Common Stock Retained Earnings, January 1 Sales Revenue Cost of Goods Sold Salaries and Wages Expense Office Expenses Interest Expense Income Tax Expense 105,200 18, 200 19,200 2,300 10,410 $342, 200 Totals $342, 200 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage %

Required information [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: Account Titles Debits Credits $ 45,190 19,200 69,500 53,000 Cash Accounts Receivable Inventory Property and Equipment Accumulated Depreciation Accounts Payable $ 22,300 32,100 96,000 12,200 179,600 Common Stock Retained Earnings, January 1 Sales Revenue Cost of Goods Sold Salaries and Wages Expense Office Expenses Interest Expense Income Tax Expense 105,200 18, 200 19,200 2,300 10,410 $342, 200 Totals $342, 200 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage %

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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