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Exercise 13.3. The worksheet of Bridget’s Office Supplies contains the following revenue, cost, and expense accounts....

Exercise 13.3. The worksheet of Bridget’s Office Supplies contains the following revenue, cost, and expense accounts. Prepare a classified income statement for this firm for the year ended December 31, 2016. The merchandise inventory amounted to $59,775 on January 1, 2016, and $52,725 on December 31, 2016. The expense accounts numbered 611 – 617 represent selling expenses, and those numbered 631 – 646 represent general and administrative expenses.

Accounts:

            401                  Sales                                                               $248,900         Cr.

            451                  Sales Returns and Allowances                 4,350               Dr.

            491                  Miscellaneous Income                                    400                  Cr.

            501                  Purchases                                                       103,600           Dr.

            502                  Freight In                                                       1,975               Dr.

            503                  Purchases Returns and Allowances                 3,600               Cr.

            504                  Purchases Discounts                                     1,800               Cr.

            611                  Salaries Expense – Sales                                    45,300             Dr.

            614                  Store Supplies Expense                                    2,310               Dr.

            617                  Depreciation Expense – Store Equip. 1,510               Dr.

            631                  Rent Expense                                                 13,500             Dr.

            634                  Utilities Expense                                            3,000               Dr.

            637                  Salaries Expense – Office                                    21,100             Dr.

            640                  Payroll Taxes Expense                                    6,000               Dr.

            643                  Depreciation Expense – Office Equip. 570                  Dr.

            646                  Uncollectible Accounts Expense                      720                  Dr.

            691                  Interest Expense                                            740                  Dr.

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ekkarill92 answered 1 year ago
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