The worksheet of Bridgets Office Supplies contains the following revenue, cost, and expense accounts. Prepare a classified

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, 2016. The merchandise inventory amounted to $59,775 on January 1, 2016, and $52,725 on December 31, 2016. The expense accounts numbered 611 through 617 represent selling expenses, and those numbered 631 through 646 represent general and administrativeexpenses.

Transcribed Image Text:

5 Sales Returns and Allowances 503 Purchases Retums and Alowances 611 Salaies Expense- Sales 617 Depreciation Expense-Store Equipment 640 643 646 Depreciation Expense-Office Equipment Uncollectible Accounts Expense