The following amounts appeared on Plymouth Electronics’ adjusted trial balance as of December 31, 2023.

Required
1. Prepare a 2023 classified multiple-step income statement for Plymouth Electronics, like Exhibit 5.13.

 

2. Prepare a single-step income statement, like Exhibit 5.15.

Analysis Component:
The gross profit ratio for Plymouth Electronics’ year ended December 31, 2022, was 32%. Calculate this ratio for the year ended December 31, 2023, and compare it to the prior year, commenting on whether the change was favourable or unfavourable.

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Merchandise inventory Other assets............ Liabilities........ Celine Plymouth, capital..... Celine Plymouth, withdrawals Sales............. ****** Sales discounts Sales returns and allowances Interest income....... Cost of goods sold Sales salaries expense Office salaries expense Rent expense, selling space. Rent expense, office space Store supplies expense Office supplies expense Depreciation expense, store equipment. Depreciation expense, office equipment. Insurance expense Totals ******** ******** Debit Credit $ 19,500 487,785 67,000 14,580 5,715 719,000 79,200 56,500 33,000 $312,370 247,605 942,000 720 3,000 1,620 735 8,910 2,760 3,390 $1,502,695 $1,502,695