k ces 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 $58,875 on January 1, 20X1, and $51,825 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 Operating revenue Net sales Cost of goods sold BRIDGET'S OFFICE SUPPLIES Income Statement $ 245,800 Credit 4,260 Debit 310 Credit Debit 1,885 Debit 3,510 102,700 + Credit 1,710 Credit 44,400 2,220 1,420 12,600 2,910 20,200 5,100 480 630 560 Debit Debit Debit Debit Debit Debit Debit Debit Debit Debit
k ces 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 $58,875 on January 1, 20X1, and $51,825 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 Operating revenue Net sales Cost of goods sold BRIDGET'S OFFICE SUPPLIES Income Statement $ 245,800 Credit 4,260 Debit 310 Credit Debit 1,885 Debit 3,510 102,700 + Credit 1,710 Credit 44,400 2,220 1,420 12,600 2,910 20,200 5,100 480 630 560 Debit Debit Debit Debit Debit Debit Debit Debit Debit Debit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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