I only need the 5b photo question. #2 prepare a single income statement and the analysis component. Thanks! 2. Prepare a single-step Income statement.PLYMOUTH ELECTRONICSIncome StatementFor Year Ended December 31, 2020Revenues:Total revenuesExpenses:Total expensesAnalysis Component:Calculate the gross profit ratio for the year ended December 31, 2020, and compare it to the prior year, commenting on whether thechange was favourable or unfavourable. The gross profit ratlo for Plymouth Electronics' year ended December 31, 2019, was 32%. (Donot round Intermedlate calculations. Round your final answer to 2 decimal places.) The following amounts appeared on Plymouth Electronics' adjusted trial balance asof December 31, 2020.DebitCreditMerchandise inventory19,5e0Other assets487,785Liabilities$ 312,378Celine Plymouth, capitalCeline Plymouth, withdrawals247,60567,e00Sales942, 00014,5805,715Sales discountsSales returns and allowancesInterest income720Cost of goods soldSales salaries expense719,00079, 20056, 50eOffice salaries expenseRent expense, selling spaceRent expense, office spaceStore supplies expenseOffice supplies expense33,0003,0001,620735Depreciation 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

Income statement Income statement of the organisation which reveals the total revenue and expenses…

2. Prepare a single-step Income statement. PLYMOUTH ELECTRONICS Income Statement For Year Ended December 31, 2020 Revenues: Total revenues Expenses: Total expenses Analysis Component: Calculate the gross profit ratio for the year ended December 31, 2020, and compare it to the prior year, commenting on whether the change was favourable or unfavourabie. The gross profit ratio for Plymouth Electronics' year ended December 31, 2019, was 32%. (Do not round Intermedlate calculetions. Round your final answer to 2 decimal places.)

2. Prepare a single-step Income statement. PLYMOUTH ELECTRONICS Income Statement For Year Ended December 31, 2020 Revenues: Total revenues Expenses: Total expenses Analysis Component: Calculate the gross profit ratio for the year ended December 31, 2020, and compare it to the prior year, commenting on whether the change was favourable or unfavourabie. The gross profit ratio for Plymouth Electronics' year ended December 31, 2019, was 32%. (Do not round Intermedlate calculetions. Round your final answer to 2 decimal places.)

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

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 5E: Fava Company began operations in 2018 and used the LIFO inventory method for both financial...

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Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a cost and net realizable value of 300,000, prepare the journal entry to record the reductions to NRV for Paul Corporation assuming that Paul uses a periodic inventory system and the allowance method. Paul Corporation uses FIFO and reports the following inventory information: Assuming Paul uses a perpetual inventory system and the direct method, prepare the journal entry to record the write-down of inventory.
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Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a cost and net realizable value of 300,000, prepare the journal entry to record the reductions to NRV for Paul Corporation assuming that Paul uses a periodic inventory system and the direct method. Paul Corporation uses FIFO and reports the following inventory information: Assuming Paul uses a perpetual inventory system and the direct method, prepare the journal entry to record the write-down of inventory.
The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before any necessary year-end adjustment relating to the following: Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was 85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was 40,000. On January 5, 2020, Ashwood filed a 40,000 claim against the common carrier. Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was 20,000, What amount should Ashwood report as accounts payable on its December 31,2019, balance sheet? a. 1,260,000 b. 1,285,000 c. 1,325,000 d. 1,345,000
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Company is considering purchasing EKC Company. EKCs balance sheet at December 31, 2019, is as follows: At December 31, 2019, Elm discovered the following about EKC: a. No allowance for uncollectible accounts has been established. An allowance of 5,000 is considered appropriate. b. The LIFO inventory method has been used. The FIFO inventory method would be used if EKC were purchased by Elm. The FIFO inventors-valuation of the December 31, 2019, ending inventors-would be 180,000. c. The fair value of the property, plant, and equipment (net) is 730,000. d. The company has an unrecorded patent that is worth 120,000. e. The book values of the current liabilities and bonds payable are the same as their market values. Required: 1. Compute the value of the goodwill if Elm pays 1,350,000 for EKC. 2. Next Level Why would the book value of a companys identifiable net assets differ from its market value?