The worksheet of Lantz's Office Supplies contains the following revenue, cost, and expense accounts. Prepare a classified income statement for this firm for the year ended December $31,201.$ The merchandise inventory amounted to $$59,775$ on January $1,201,$ and $$52,725$ on December $31,201.$ The expense accounts numbered $611$ through $617$ represent selling expenses, and those numbered $631$ through $646$ represent general and administrative expenses.

$\backslash$table$[[$Accounts$],[401$ Sales,$$265,950,Cr.],[451$ Sales Returns and Allowances,$4,350,$Dr$.],[491$ Miscellaneous Income,$400,Cr.],[501$ Purchases,$108,600,$Dr$.],[502$ Freight In$,1,975,$Dr$.],[503$ Purchases Returns and Allowances,$3,600,Cr.],[504$ Purchases Discounts,$1,800,cr.],[611$ Salaries Expense$-$Sales,$45,300,$Dr$.],[614$ Store Supplies Expense,$2,310,$Dr$.],[617$ Depreciation Expense$-$Store Equipment,$1,510,$Dr$.],[631$ Rent Expense,$13,500,$Dr$.],[634$ Utilities Expense,$6,200,$Dr$.],[637$ Salaries Expense$-$office,$21,100,$Dr$.],[640$ Payroll Taxes Expense,$5,800,$Dr$.],[643$ Depreciation Expense$-$office Equipment,$570,$Dr$.],[646$ Uncollectible Accounts Expense,$720,$Dr$.],[691$ Interest Expense,$740,$Dr$.]]$

LANTZ'S OFFICE SUPPLIES

Income Statement