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 %
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required information
[The following information applies to the questions displayed below.]
Psymon Company, Ic., 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
%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7a30a794-b23e-4be2-8beb-66f95d2d8c88%2Fdd86af25-0e35-497d-a511-1fbb8248aebf%2F34jgavp_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
Psymon Company, Ic., 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
%
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