Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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 $58,875 on January 1, 20x1. and $51,825 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 581 Purchases, 502 Freight in 503 Purchases returns and allowances 504 Purchases discounts 611 Salaries expense-sales 614 Store supplies expense 617 Depreciation expense-Store equipment 631 Rent expense 654 Utilities expense 637 salaries expense-office 540 Payroll taxes expense, 643 Depreciation expense-office equip 646 Uncollectible accounts expense 651 Interest expense $245,00 Cr..! 4,260 Dr. 310 Cr. 1,885 Dr. 3,510 C. 44,400 Dr. 2,228 1,420 Dra 12,000 Dr. 2.910 Dr. 20,200 Dri 5,100 Dr. 400 Dr. 630 Dri 560 Dr. BRIDGET'S OFFICE SUPPLIES Prov 11 Nex 3131 PMF 448 A Operating reven sales Cost of goods Open S BUDGET'S OFFICE SUPPLIES O a P Next W E R T Y D S D F G H K B N + Selling expenses Total selling expense General and administrative expenses Total general and admin senses Total operating expenses Other locume Other expense a $ 01 $ $ E N00 Check my work
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started