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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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