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.)

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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 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 unfavourable. The gross profit ratlo for Plymouth Electronics' year ended December 31, 2019, was 32%. (Do
not round Intermedlate calculations. Round your final answer to 2 decimal places.)
Transcribed Image Text: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 unfavourable. The gross profit ratlo for Plymouth Electronics' year ended December 31, 2019, was 32%. (Do not round Intermedlate calculations. Round your final answer to 2 decimal places.)
The following amounts appeared on Plymouth Electronics' adjusted trial balance as
of December 31, 2020.
Debit
Credit
Merchandise inventory
19,5e0
Other assets
487,785
Liabilities
$ 312,378
Celine Plymouth, capital
Celine Plymouth, withdrawals
247,605
67,e00
Sales
942, 000
14,580
5,715
Sales discounts
Sales returns and allowances
Interest income
720
Cost of goods sold
Sales salaries expense
719,000
79, 200
56, 50e
Office salaries expense
Rent expense, selling space
Rent expense, office space
Store supplies expense
Office supplies expense
33,000
3,000
1,620
735
Depreciation expense, store equipment
Depreciation expense, office equipment
Insurance expense
8,910
2,760
3, 390
Totals
$1,502, 695 $1,502, 695
Required:
1. Prepare a 2020 classified multiple-step Income statement for Plymouth Electronics.
PLYMOUTH ELECTRONICS
Income Statement
For Year Ended December 31, 2020
Transcribed Image Text:The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31, 2020. Debit Credit Merchandise inventory 19,5e0 Other assets 487,785 Liabilities $ 312,378 Celine Plymouth, capital Celine Plymouth, withdrawals 247,605 67,e00 Sales 942, 000 14,580 5,715 Sales discounts Sales returns and allowances Interest income 720 Cost of goods sold Sales salaries expense 719,000 79, 200 56, 50e Office salaries expense Rent expense, selling space Rent expense, office space Store supplies expense Office supplies expense 33,000 3,000 1,620 735 Depreciation expense, store equipment Depreciation expense, office equipment Insurance expense 8,910 2,760 3, 390 Totals $1,502, 695 $1,502, 695 Required: 1. Prepare a 2020 classified multiple-step Income statement for Plymouth Electronics. PLYMOUTH ELECTRONICS Income Statement For Year Ended December 31, 2020
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