Only 6B question. Thanks! The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31, 2020.DebitCreditMerchandise inventory19,500487,785Other assetsLiabilities$ 312,370Celine Plymouth, capitalCeline Plymouth, withdrawals247,60567,e00Sales942,e0eSales discounts14,580Sales returns and allowances5,715Interest income720Cost of goods soldSales salaries expense719,00079,20056,50033, eee3,0001,620Office salaries expenseRent expense, selling spaceRent expense, office spaceStore supplies expenseOffice supplies expense735Depreciation 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 2. Prepare a single-step Income statement.PLYMOUTH ELECTRONICSIncome StatementFor Year Ended December 31, 2020Revenues:Total revenuesExpenses:Total expenses

Income statement represents the net income or loss that is calculated by deducting the expenses from…

The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31, 2020. Debit Credit Merchandise inventory 19,see 487,785 Other assets Liabilities $ 312,37e Celine Plymouth, capital Celine Plymouth, withdrawals Sales 247,505 67,eee 942,9ee Sales discounts 14,580 5,715 Sales returns and allowances Interest income 720 Cost of goods sold 719,eee falor calanior

The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31, 2020. Debit Credit Merchandise inventory 19,see 487,785 Other assets Liabilities $ 312,37e Celine Plymouth, capital Celine Plymouth, withdrawals Sales 247,505 67,eee 942,9ee Sales discounts 14,580 5,715 Sales returns and allowances Interest income 720 Cost of goods sold 719,eee falor calanior

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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