Only 5b photo question. Thanks! 2. Prepare a single-step income statement.PLYMOUTH ELECTRONICSIncome StatementFor Year Ended December 31, 2020Revenues:Total revenuesExpenses:Total expenses The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31, 2020.DebitCreditMerchandise inventory19,500487,785Other assets$ 312, 370247, 685LiabilitiesCeline Plymouth, capitalCeline Plymouth, withdrawalsSales67,000942, 80014, 5805,715Sales discountsSales returns and allowancesInterest incomeCost of goods soldSales salaries expenseOffice salaries expenseRent expense, selling spaceRent expense, office spaceStore supplies expenseOffice supplies expenseDepreciation expense, store equipmentDepreciation expense, office equipmentInsurance expense720719,00079, 20056,50033,0003,0001,6207358,9102,7603,390$1,502,695 $1,502, 695TotalsRequired:1. Prepare a 2020 classified multiple-step income statement for Plymouth Electronics.PLYMOUTH ELECTRONICSIncome StatementFor Year Ended December 31, 2020

The income statement represents the revenues and expenses of the company.

The following amounts appeared on Piymouth Electronics adjusted trial balance as of December 31, 2 Debit Credit Merchandise inventory 19,see 487,785 Other assets $ 312,370 247,6e5 Liabilities Celine Plymouth, capital Celine Plymouth, withdrawals Sales Sales discounts 67,0ee 942, 8ee 14,580 5,715 Sales returns and allowances Interest income 720 Cost of goods sold Sales salaries expense 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 719,eee 79, 200 56,5e0 33,000 3,000 1,620 735 8,91e 2,76e 3,39e Totals $1, 502,695 $1,582, 695

The following amounts appeared on Piymouth Electronics adjusted trial balance as of December 31, 2 Debit Credit Merchandise inventory 19,see 487,785 Other assets $ 312,370 247,6e5 Liabilities Celine Plymouth, capital Celine Plymouth, withdrawals Sales Sales discounts 67,0ee 942, 8ee 14,580 5,715 Sales returns and allowances Interest income 720 Cost of goods sold Sales salaries expense 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 719,eee 79, 200 56,5e0 33,000 3,000 1,620 735 8,91e 2,76e 3,39e Totals $1, 502,695 $1,582, 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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