Transcribed Image Text: 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

Transcribed Image Text: 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
67,000
Sales
942, eee
Sales discounts
14,580
Sales returns and allowances
5,715
Interest income
720
Cost of goods sold
Sales salaries expense
Office salaries expense
719,000
79, 200
56, 500
33,000
Rent expense, selling space
Rent expense, office space
Store supplies expense
Office supplies expense
3,00e
1,620
735
Depreciation expense, store equipment
Depreciation expense, office equipment
8,910
2,768
Insurance expense
3,39e
Totals
$1,502, 695 $1,502,695
Requlred:
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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