The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31, 2020. Debit Credit Merchandise inventory 19,5ee 487,785 Other assets Liabilities $ 312, 370 Celine Plymouth, capital Celine Plymouth, withdrawals Sales 247,6e5 67,eee 942, eee Sales discounts 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 719, eee 79, 20e 56, see 33,e0e 3,eee 1,620 Office supplies expense Depreciation expense, store equipment Depreciation expense, office equipment Insurance expense 735 8,91e 2,760 3, 39e Totals $1,502, 695 $1, se2, 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 amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31, 2020. Debit Credit Merchandise inventory 19,5ee 487,785 Other assets Liabilities $ 312, 370 Celine Plymouth, capital Celine Plymouth, withdrawals Sales 247,6e5 67,eee 942, eee Sales discounts 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 719, eee 79, 20e 56, see 33,e0e 3,eee 1,620 Office supplies expense Depreciation expense, store equipment Depreciation expense, office equipment Insurance expense 735 8,91e 2,760 3, 39e Totals $1,502, 695 $1, se2, 695 Required: 1. Prepare a 2020 classified multiple-step Income statement for Plymouth Electronics. PLYMOUTH ELECTRONICS Income Statement For Year Ended December 31 , 2020

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Description: There is 3 sub parts to this question. The #2 question asks prepare a single income statement. and 3rd question is analysis component. 2. Prepare a single-step Income statement.PLYMOUTH ELECTRONICSIncome StatementFor Year Ended December 31, 2020Reven

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter15: Preparing Adjusting Entries And A Trial Balance

Section: Chapter Questions

Problem 1AFE

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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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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.
On June 30, 2019, the balances of the accounts appearing in the ledger of Simkins Company are as follows: Instructions 1. Does Simkins Company use a periodic or perpetual inventory system? Explain. 2. Prepare a multiple-step income statement for Simkins Company for the year ended June 30, 2019. The merchandise inventory as of June 30, 2019, was 508,000. The adjustment for estimated returns inventory for sales for the year ending December 31, 2019, was 33,000. 3. Prepare the closing entries for Simkins Company as of June 30, 2019. 4. What would the net income have been if the perpetual inventory system had been used?
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On December 31, 2019, the balances of the accounts appearing in the ledger of Wyman Company are as follows: Instructions 1. Does Wyman Company use a periodic or perpetual inventory system? Explain. 2. Prepare a multiple-step income statement for Wyman Company for the year ended December 31, 2019. The merchandise inventory as of December 31, 2019, was 305,000. The adjustment for estimated returns inventory for sales for the year ending December 31, 2019, was 30,000. 3. Prepare the closing entries for Wyman Company as of December 31, 2019. 4. What would the net income have been if the perpetual inventory system had been used?
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At December 31, 2019, the following information was available from Crisford Companys books: Sales for the year totaled 110,600; markdowns amounted to 1,400. Under the approximate lower of average cost or market retail method, Crisfords inventory at December 31, 2019, was: a. 30,800 b. 28.000 c. 21,560 d. 19,600
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The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 2019: a. Prepare the cost of merchandise sold section of the income statement for the year ended April 30, 2019, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 2019. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?
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