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 $59,675 on January 1, 20X1, and $52,625 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 $248, 280 Cr. 4,340 Dr. 390 Cr. 103,500 Dr. 1,965 Dr. 3,590 Cr. 1,790 Cr 45,202 Dr. 2,300 Dr. 1,500 Dr. 13,480 Dr. 2,990 Dr. 21, eee Dr. 5,900 Dr. 560 Dr. 710 Dr. 720 Dr. BRIDGET'S OFFICE SUPPLIES Income Statement For the Year Ended December 31, 20X1 Operating revenue $ $ Sales Less: Sales returns and allowance Net sales 248.200 4.340 243.860 Cost of goods sold Merchandise inventory, January 1, 20X1 Purchases Freight in 0 0 Total merchandise available for sale $ 0 0 $ 243.860 Operating expenses Selling expenses $ 0 Total selling expense General and administrative expenses $ $ 13.400 Rent expense Utilities expense 2.990 21.000 5.900 Salaries expense-Office Payroll taxes expense Depreciation expense-Office equip. Uncollectible accounts expense 580 710 $ 44.560 Total general and admin. expenses Total operating expenses 44.560 199,300 Income from operations $ Other income Miscellaneous income Other expense $ $ 390 Interest expense $ 720 (330) 198.970 Net income for year $ $