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, 60567,000Sales942, eeeSales discounts14,580Sales returns and allowances5,715Interest income720Cost of goods soldSales salaries expenseOffice salaries expense719,00079, 20056, 50033,000Rent expense, selling spaceRent expense, office spaceStore supplies expenseOffice supplies expense3,00e1,620735Depreciation expense, store equipmentDepreciation expense, office equipment8,9102,768Insurance expense3,39eTotals$1,502, 695 $1,502,695Requlred:1. Prepare a 2020 classified multiple-step Income statement for Plymouth Electronics.PLYMOUTH ELECTRONICSIncome StatementFor Year Ended December 31 , 2020

Name: The following amounts appeared on Plymouth Electronics' adjusted tria
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Description: 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, 60567,000Sa

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The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31, 2020. Debit Credit Merchandise inventory 19,500 487,785 Other assets Liabilities $ 312,370 Celine Plymouth, capital Celine Plymouth, withdrawals 247, 605 67,e00 Sales 942, 000 Sales discounts 14,580 5,715 Sales returns and allowances Interest income 720 Cost of goods sold Sales salaries expense Office salaries expense 719,e00 79, 200 56, 500 33,00e 3,00e Rent expense, selling space Rent expense, office space Store supplies expense Office supplies expense 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.

The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31, 2020. Debit Credit Merchandise inventory 19,500 487,785 Other assets Liabilities $ 312,370 Celine Plymouth, capital Celine Plymouth, withdrawals 247, 605 67,e00 Sales 942, 000 Sales discounts 14,580 5,715 Sales returns and allowances Interest income 720 Cost of goods sold Sales salaries expense Office salaries expense 719,e00 79, 200 56, 500 33,00e 3,00e Rent expense, selling space Rent expense, office space Store supplies expense Office supplies expense 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.

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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The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31, 2020. Debit Credit Merchandise inventory 19,500 487,785 Other assets Liabilities $ 312,370 Celine Plymouth, capital Celine Plymouth, withdrawals 247,605 67,e00 Sales 942,e0e Sales discounts 14,580 Sales returns and allowances 5,715 Interest income 720 Cost of goods sold Sales salaries expense 719,000 79,200 56,500 33, eee 3,000 1,620 Office salaries expense Rent expense, selling space Rent expense, office space Store supplies expense Office supplies expense 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
The following information were taken from the 2019 balance sheet and income statement for WAY retailer:Net salesOR 1,937.80Cost of goods soldOR 1,151.70Operating expensesOR 447.20InventoryOR 186.10Accounts receivableOR 78.00Other current assetsOR 422.70EquipmentOR 400.00Distribution centersOR 140.00Long-term liabilitiesOR 320.00Calculate (you need to show your calculations; not acceptable to show only a final number):1. Asset turnoverWhat does this number mean? ______________________________________2. Return on AssetWhat does this number mean? ______________________________________3. Net profit marginWhat does this number mean? ______________________________________
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The following amounts appeared on the Mendelstein Company's adjusted trial balance as of October 31, 2020, the end of its fiscal year: Debit $ 1,750 47,808 Credit Merchandise inventory Other assets Liabilities $ 43,340 37,690 Joe Mendelstein, capital Joe Mendelstein, withdrawals Interest income 3,700 185 Sales 103,400 Sales returns and allowances 8,200 1,195 44, 200 Sales discounts Purchases Purchase returns and allowances Purchase discounts 2,500 970 Transportation-in Sales salaries expense Rent expense, selling space Store supplies expense Advertising expense Office salaries expense Rent expense, office space Office supplies expense 5,400 18,500 ,900 3,900 9,708 22,700 8,300 3,648 $188,885 $188,885 Totals A physical count shows that the cost of the ending inventory is $13.30o. Requlred: 1. Calculate the company's net sales for the year. Net sales
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The following selected account data is taken from the records of Reese Industries for 2019. Assume the perpetual inventory system is used. Sales $644,363 Merchandise Inventory 580,620 Sales Discounts 58,050 Interest Expense 3,777 Sales Returns and Allowances 90,232 Interest Revenue 10,268 Cost of Goods Sold 226,598 Rent Expense 15,070 Depreciation Expense-Office Equipment 3,600 Insurance Expense 2,450 Advertising Expense 12,890 Accounts Receivable 102,440 Office Supplies Expense 1,600 Rent Revenue 23,690 Sales Salaries Expense 30,410 Accounts Payable 138,404 Common Stock 59,419 Marketing Expense 33,000 Question Content Area A. Use the data provided to compute net sales for 2019. B. Prepare a simple income statement for the year ended December 31, 2019. C. Compute the gross margin for 2019. D. Prepare a multi-step income statement for the year ended December 31, 2019.
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