Exercise 13.3 (Algo) Preparing a classified income statement. LO 13-1 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, 20X1. The merchandise inventory amounted to $59,175 on January 1, 20X1, and $52,125 on December 31, 20X1. The expense accounts numbered 611 through 617 represent selling expenses, and those numbered 631 through 646 represent general and administrative expenses. 401 Sales Accounts $246,400 Cr. 451 Sales returns and allowances 491 Miscellaneous income 501 Purchases 502 Freight in 503 Purchases returns and allowances 504 Purchases discounts 611 Salaries expense-Sales 614 Store supplies expense 4,290 Dr. 340 Cr. 103,000 Dr. 1,915 Dr. 3,540 Cr. 1,740 Cr. 44,700 Dr. 2,250 Dr. 617 Depreciation expense-Store equipment 1,450 Dr. 12,900 Dr. 634 Utilities expense 637 Salaries expense-Office 631 Rent expense 640 Payroll taxes expense 643 Depreciation expense-Office equipment 646 Uncollectible accounts expense 691 Interest expense 2,940 Dr. 20,500 Dr. 5,400 Dr. 510 Dr. 660 Dr. 620 Dr. Operating revenue Net sales Cost of goods sold Total merchandise available for sale Operating expenses Selling expenses Total selling expense General and administrative expenses BRIDGET'S OFFICE SUPPLIES Income Statement 0 0 $ 0 $ 0 Total general and admin. expenses $ 0 Total operating expenses Other income Other expense 0 0 $ 0 0 $ 0 0 $ 0