Answered step by step
Verified Expert Solution
Link Copied!

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

image text in transcribedimage text in transcribedimage text in transcribed

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 $59,075 on January 1, 20X1, and $52,025 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 501 Purchases sez Freight in se3 Purchases returns and allowances 584 Purchases discounts 611 Salaries expense-sales $246,200 Cr. 4,280 Dr. 330 Cr. 102,900 Dr. 1,905 Dr. 3,530 cr. 1,730 Cr. 44,600 Dr. 614 Store supplies expense 2,240 Dr. 617 Depreciation expense-store equipment 1,440 Dr. 634 Utilities expense 637 salaries expense-office 631 Rent expense 648 Payroll taxes expense 643 Depreciation expense-office equipment 646 Uncollectible accounts expense 691 Interest expense 20,400 Dr. 5,300 Dr. see Dr. 650 Dr. 600 Dr. 12,800 Dr. 2,930 Dr.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Accounting

Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik

12th edition

77862228, 978-1259283567, 1259283569, 978-0077862220

More Books

Students also viewed these Accounting questions

Question

Brief the importance of span of control and its concepts.

Answered: 1 week ago

Question

What is meant by decentralisation?

Answered: 1 week ago

Question

Write down the Limitation of Beer - Lamberts law?

Answered: 1 week ago

Question

Discuss the Hawthorne experiments in detail

Answered: 1 week ago

Question

What are bounds and what do companies do with them?

Answered: 1 week ago