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. The merchandise inventory amounted to $59,475 on January 1, 2019, and
The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $59,475 on January 1, 2019, and $52,425 on December 31, 2019. The expense accounts numbered 611 through 617 represent selling expenses, and those numbered 631 through 646 represent general and administrative expenses Mccounts 401 Sales 451 Sales Returns and Allowances 491 Miscellaneous Incoe 501 Purchases 562 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 $247, Cr. 4.320 Dr. 370 Cr. 10.30 Dr. 1,945 Dr. 3.578 r. 1,778 r. 45,00 Dr. 2.20 Dr. 1,480 Dr. 13.20 Dr. 2.979 Dr. 20. Dr 5,700 Dr. 560 Dr. 690 Dr. 60 Dr. Prepare a classified income statement for this firm for the year ended December 31, 2019 Prepare a classified income statement for this firm for the year ended December 31, 2019. BUDGETS OFHCE SUPPLIES Income Statement Operating revenue Net sales Cost of goods sold Total merchandise available for sale Operating expenses Operating expenses Selling expenses Total Selling Expense General and Administrative Expenses Total general and admin, expenses Total operating expenses Other income Other expense
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