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 year

image 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 $58,075 on January 1, 20x1, and $51,025 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 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 634 Utilities expense 637 Salaries expense-Office 640 Payroll taxes expense 643 Depreciation expense-Office equipment 646 Uncollectible accounts expense 691 Interest expense $244,200 cr 4,180 Dr. 230 Cr. 101,900 Dr. 1,805 Dr. 3,430 Cr. 1,630 Cr. 43,600 Dr. 2,140 Dr. 1,340 Dr. 11,800 Dr. 2,830 Dr. 19,400 Dr. 4,300 Dr. 400 Dr. 550 Dr. 400 Dr. BRIDGET'S OFFICE SUPPLIES Income Statement Operating revenue Sales Less: Sales returns and allowance Net sales Cost of goods sold 0 0 0 Total merchandise available for sale $ 0 0 $ 0 Operating expenses Selling expenses $ 0 Total selling expense General and administrative expenses $ 0 Total general and admin. expenses Total operating expenses 0 $ 0 Other income Other expense 0

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

Step: 3

blur-text-image

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

Regulation Of The London Stock Exchange Share Trading, Fraud And Reform 1914-1945

Authors: Chris Swinson

1st Edition

0367887568, 9780367887568

More Books

Students also viewed these Accounting questions