I only need the answer for 6b photo. Thanks! Analysis 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 ratio for Plymouth Electronics' year ended December 31, 2019, was 32%. (Donot round Intermedlate calculetions. Round your final answer to 2 decimal places.)Gross profit ratio The following amounts appeared on Plymouth Electronics' adjusted trlal balance as of December 31, 2020.DebitCreditMerchandise inventory19,500Other assets487, 785$ 312,370247, 605LiabilitiesCeline Plymouth, capitalCeline Plymouth, withdrawals67,0e0Sales942, 000Sales discounts14,580Sales returns and allowances5,715Interest income720Cost of goods soldSales salaries expense719,00079, 20056,500Office salaries expenseRent expense, selling spaceRent expense, office spaceStore supplies expenseOffice supplies expense33,0003,0001,620735Depreciation expense, store equipment8,910Depreciation expense, office equipment2,760Insurance expense3,390Totals$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, 2020Sales942,000Less: Sales discounts(14,580)

1. Gross profit Amount $ Sales Sales…

The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31, 2020. Debit Credit Merchandise inventory Other assetS 19,500 487, 785 Liabilities $ 312, 378 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 Office salaries expense Rent expense, selling space Rent expense, office space Store supplies expense Office supplies expense 56, 5ee 33,000 3,000 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. PLYMOUTH ELECTRONICS Income Statement For Year Ended December 31, 2020 Sales 942,000 Less: Sales discounts (14,580)

The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31, 2020. Debit Credit Merchandise inventory Other assetS 19,500 487, 785 Liabilities $ 312, 378 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 Office salaries expense Rent expense, selling space Rent expense, office space Store supplies expense Office supplies expense 56, 5ee 33,000 3,000 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. PLYMOUTH ELECTRONICS Income Statement For Year Ended December 31, 2020 Sales 942,000 Less: Sales discounts (14,580)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Cullumber Company has these comparative balance sheet data: CULLUMBER COMPANYBalance SheetsDecember 31 2020 2019 Cash $ 16,350 $ 32,700 Accounts receivable (net) 76,300 65,400 Inventory 65,400 54,500 Plant assets (net) 218,000 196,200 $376,050 $348,800 Accounts payable $ 54,500 $ 65,400 Mortgage payable (15%) 109,000 109,000 Common stock, $10 par 152,600 130,800 Retained earnings 59,950 43,600 $376,050 $348,800 Additional information for 2020: 1. Net income was $34,000. 2. Sales on account were $383,300. Sales returns and allowances amounted to $26,600. 3. Cost of goods sold was $200,600. 4. Net cash provided by operating activities was $59,000. 5. Capital expenditures were $26,400, and cash dividends were $16,500. Compute the following ratios at December 31, 2020. (Round current ratio and inventory turnover to 2 decimal places, e.g.…
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