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The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $58,575 on January 1, 2019, and
The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $58,575 on January 1, 2019, and $51,525 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 | $ | 245,200 | Cr. | |
451 | Sales Returns and Allowances | 4,230 | Dr. | ||
491 | Miscellaneous Income | 280 | Cr. | ||
501 | Purchases | 102,400 | Dr. | ||
502 | Freight In | 1,855 | Dr. | ||
503 | Purchases Returns and Allowances | 3,480 | Cr. | ||
504 | Purchases Discounts | 1,680 | Cr. | ||
611 | Salaries ExpenseSales | 44,100 | Dr. | ||
614 | Store Supplies Expense | 2,190 | Dr. | ||
617 | Depreciation ExpenseStore Equipment | 1,390 | Dr. | ||
631 | Rent Expense | 12,300 | Dr. | ||
634 | Utilities Expense | 2,880 | Dr. | ||
637 | Salaries ExpenseOffice | 19,900 | Dr. | ||
640 | Payroll Taxes Expense | 4,800 | Dr. | ||
643 | Depreciation ExpenseOffice Equipment | 450 | Dr. | ||
646 | Uncollectible Accounts Expense | 600 | Dr. | ||
691 | Interest Expense | 500 | Dr. | ||
Prepare a classified income statement for this firm for the year ended December 31, 2019.
RDGETS OFFICE SUPPLIES Income Statement Oparating revenue Net sales Cost of goocs scld The Tables you see below is the continued Income Statement started on the left, I just couldn't fit it all on one page. For each Entry i must choose the correct titling entry, such as the following: cost of goods sold/delivered cost of purchases/depreciacion exp etc.. other parts ask the following: Add or Less Sales Ret. Allownace, OR the following: ADD Merch inventory 12/31/19 or LESS Merch inventory 12/31/19, Total merchandise available for sale A Full List of major Title entry Selections will be located directly beneath this picture, THANK YOU for your help Operetng expenses Selling exenses Total Seling Fxpanse General and Administrative Expenses Totel general and admin. expenses Tolal uper ali expisus 0 Other income her expensAStep by Step Solution
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