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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
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 $58,475 on January 1, 20x1, and $51.425 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. Accounts 401 Sales 451 Sales returns and allowances 491 Miscellaneous income Sei Purchases 5e2 Freight in 5e3 Purchases returns and allowances 5e4 Purchases discounts 611 Salaries expense-Sales 614 Store supplies expense 617 Depreciation expense-Store equipment 631 Rent expense 634 Utilities expense 637 Salaries expense-Office 640 Payroll taxes expense 643 Depreciation expense-Office equipment 646 Uncollectible accounts expense 691 Interest expense $245,000 Cr. 4,220 Dr. 270 Cr. 102,380 Dr. 1,845 Dr. 3,478 Cr. 1,670 Cr. 44,020 Dr. 2,180 Dr. 1,380 Dr. 12,280 Dr. 2,870 Dr. 19,880 Dr. 4,790 Dr. 440 Dr. 590 Dr. 480 Dr. BRIDGET 8 OFFICE BUFFLIES Income statement Operating revenue 0 Net sales Cost of Gods sold 0 Total merchandise available for sale $ 0 0 $ 0 Operating expenses Selling expenses Total selling expense General and administrave expenses Total general and admin.sponses Total operating expenses 0 $ Other Income Other expense 0
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