The following amounts appeared on Plymouth Electronics adjusted trial balance as of December 31, 2020. Debit Credit
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Question:
The following amounts appeared on Plymouth Electronics’ adjusted trial balance as of December 31, 2020.
Debit | Credit | |||||
Merchandise inventory | $ | 20,200 | ||||
Other assets | 494,785 | |||||
Liabilities | $ | 319,370 | ||||
Celine Plymouth, capital | 251,840 | |||||
Celine Plymouth, withdrawals | 67,700 | |||||
Sales | 949,000 | |||||
Sales discounts | 15,280 | |||||
Sales returns and allowances | 6,415 | |||||
Interest income | 790 | |||||
Cost of goods sold | 722,500 | |||||
Sales salaries expense | 79,900 | |||||
Office salaries expense | 57,200 | |||||
Rent expense, selling space | 33,700 | |||||
Rent expense, office space | 3,700 | |||||
Store supplies expense | 1,690 | |||||
Office supplies expense | 770 | |||||
Depreciation expense, store equipment | 9,610 | |||||
Depreciation expense, office equipment | 3,460 | |||||
Insurance expense | 4,090 | |||||
Totals | $ | 1,521,000 | $ | 1,521,000 | ||
Required:
1. Prepare a 2020 classified multiple-step income statement for Plymouth Electronics.
Related Book For
Financial Accounting Information For Decisions
ISBN: 978-0324672701
6th Edition
Authors: Robert w Ingram, Thomas L Albright
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