I only need the 5b photo question. #2 prepare a single income statement and the analysis component. Thanks! 2. Prepare a single-step Income statement.PLYMOUTH ELECTRONICSIncome StatementFor Year Ended December 31, 2020Revenues:Total revenuesExpenses:Total expensesAnalysis Component:Calculate the gross profit ratio for the year ended December 31, 2020, and compare it to the prior year, commenting on whether thechange was favourable or unfavourable. The gross profit ratlo for Plymouth Electronics' year ended December 31, 2019, was 32%. (Donot round Intermedlate calculations. Round your final answer to 2 decimal places.) The following amounts appeared on Plymouth Electronics' adjusted trial balance asof December 31, 2020.DebitCreditMerchandise inventory19,5e0Other assets487,785Liabilities$ 312,378Celine Plymouth, capitalCeline Plymouth, withdrawals247,60567,e00Sales942, 00014,5805,715Sales discountsSales returns and allowancesInterest income720Cost of goods soldSales salaries expense719,00079, 20056, 50eOffice salaries expenseRent expense, selling spaceRent expense, office spaceStore supplies expenseOffice supplies expense33,0003,0001,620735Depreciation expense, store equipmentDepreciation expense, office equipmentInsurance expense8,9102,7603, 390Totals$1,502, 695 $1,502, 695Required:1. Prepare a 2020 classified multiple-step Income statement for Plymouth Electronics.PLYMOUTH ELECTRONICSIncome StatementFor Year Ended December 31, 2020

Income statement Income statement of the organisation which reveals the total revenue and expenses…

2. Prepare a single-step Income statement. PLYMOUTH ELECTRONICS Income Statement For Year Ended December 31, 2020 Revenues: Total revenues Expenses: Total expenses Analysis Component: Calculate the gross profit ratio for the year ended December 31, 2020, and compare it to the prior year, commenting on whether the change was favourable or unfavourabie. The gross profit ratio for Plymouth Electronics' year ended December 31, 2019, was 32%. (Do not round Intermedlate calculetions. Round your final answer to 2 decimal places.)

2. Prepare a single-step Income statement. PLYMOUTH ELECTRONICS Income Statement For Year Ended December 31, 2020 Revenues: Total revenues Expenses: Total expenses Analysis Component: Calculate the gross profit ratio for the year ended December 31, 2020, and compare it to the prior year, commenting on whether the change was favourable or unfavourabie. The gross profit ratio for Plymouth Electronics' year ended December 31, 2019, was 32%. (Do not round Intermedlate calculetions. Round your final answer to 2 decimal places.)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 8E: Cost of Goods Sold, Income Statement. and Statement of Comprehensive Income Gaskin Company derives...

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What is the amount of the cost of goods sold in 2019?