The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise...

The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $58,475 on January 1, 2019, and $51,425 on December 31, 2019. The expense accounts numbered 611 through 617 represent selling expenses, and those numbered 631 through 646 represent general and administrative expenses.

	Accounts
401	Sales	$	245,000	Cr.
451	Sales Returns and Allowances		4,220	Dr.
491	Miscellaneous Income		270	Cr.
501	Purchases		102,300	Dr.
502	Freight In		1,845	Dr.
503	Purchases Returns and Allowances		3,470	Cr.
504	Purchases Discounts		1,670	Cr.
611	Salaries Expense—Sales		44,000	Dr.
614	Store Supplies Expense		2,180	Dr.
617	Depreciation Expense—Store Equipment		1,380	Dr.
631	Rent Expense		12,200	Dr.
634	Utilities Expense		2,870	Dr.
637	Salaries Expense—Office		19,800	Dr.
640	Payroll Taxes Expense		4,700	Dr.
643	Depreciation Expense—Office Equipment		440	Dr.
646	Uncollectible Accounts Expense		590	Dr.
691	Interest Expense		480	Dr.

Prepare a classified income statement for this firm for the year ended December 31, 2019.

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ekkarill92 answered 1 year ago

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