Debit Credit Merchandise inventory $ 19,500

Other assets 487,785

Liabilities $ 312,370

Celine Plymouth, capital 247,60

Celine Plymouth, withdrawals 67,000

Sales 942,000

Sales discounts 14,580

Sales returns and allowances 5,715

Interest income 720

Cost of goods sold 719,000

Sales salaries expense 79,200

Office salaries expense 56,500

Rent expense, selling space 33,000

Rent expense, office space 3,000

Store supplies expense 1,620

Office supplies expense 73

Depreciation expense, store equipment 8,910

Depreciation expense, office equipment 2,760

Insurance expense 3,390

Totals $ 1,502,695 $ 1,502,695

Required: 1. Prepare a 2020 classified multiple-step income statement for Plymouth Electronics.

2. Prepare a single-step income statement.