Problem 5-7A Income statements-perpetual LOS CHECK FIGURE: 1. Income from operations $13,590 The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31, 2020. Required 1. Prepare a 2020 classified multiple-step income statement for Plymouth Electronics, like Exhibit 5.13. 2. Prepare a single-step income statement, like Exhibit 5.15. Merchandise inventory Other assets. Liabilities. Celine Plymouth, capital. Celine Plymouth, withdrawals Sales *********** Sales discounts. Sales returns and allowances................... Interest income Cost of goods sold............................ Sales salaries expense.co.com Office salaries expense.............. Rent expense, selling space......... Rent expense, office space Store supplies expense............. Office supplies expense....................... Depreciation expense, store equipment........ Depreciation expense, office equipment...... Insurance expense........ m Debit $ 19,500 487,785 67,000 14,580 5,715 Credit S 312.370 247,605 942,000 720 719,000 79,200 56,500 33,000 3,000 1,620 735 8,910 2,760 3,390 Totals..................................... $1.502,695 $1,502,695

Problem 5-7A Income statements-perpetual LOS CHECK FIGURE: 1. Income from operations $13,590 The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31, 2020. Required 1. Prepare a 2020 classified multiple-step income statement for Plymouth Electronics, like Exhibit 5.13. 2. Prepare a single-step income statement, like Exhibit 5.15. Merchandise inventory Other assets. Liabilities. Celine Plymouth, capital. Celine Plymouth, withdrawals Sales *********** Sales discounts. Sales returns and allowances................... Interest income Cost of goods sold............................ Sales salaries expense.co.com Office salaries expense.............. Rent expense, selling space......... Rent expense, office space Store supplies expense............. Office supplies expense....................... Depreciation expense, store equipment........ Depreciation expense, office equipment...... Insurance expense........ m Debit $ 19,500 487,785 67,000 14,580 5,715 Credit S 312.370 247,605 942,000 720 719,000 79,200 56,500 33,000 3,000 1,620 735 8,910 2,760 3,390 Totals..................................... $1.502,695 $1,502,695

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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