Prepare a single-step income statement for a computer sales and equipment rental company. ACCOUNT BALANCE Sales $ 6,110,760 Interest Expense 1,550 Administrative Expense 10,500 Cost of Merchandise Sold 3,550,000 Advertising Expense 3,500 Rent Revenue 24,000 Merchandise Inventory 7,000,000 Utilities Expense 4,500

Prepare a single-step income statement for a computer sales and equipment rental company. ACCOUNT BALANCE Sales $ 6,110,760 Interest Expense 1,550 Administrative Expense 10,500 Cost of Merchandise Sold 3,550,000 Advertising Expense 3,500 Rent Revenue 24,000 Merchandise Inventory 7,000,000 Utilities Expense 4,500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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 $ 248,200 Credit 451 Sales Returns and Allowances 4,340 Debit 491 Miscellaneous Income 390 Credit 501 Purchases 103,500 Debit 502 Freight In 1,965 Debit 503 Purchases Returns and Allowances 3,590 Credit 504 Purchases Discounts 1,790 Credit 611 Salaries Expense—Sales 45,200 Debit 614 Store Supplies Expense 2,300 Debit 617 Depreciation Expense—Store Equipment 1,500 Debit 631 Rent Expense 13,400 Debit 634 Utilities Expense 2,990 Debit 637 Salaries Expense—Office 21,000 Debit 640 Payroll Taxes…
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ACCOUNT	BALANCE
Sales	$ 6,110,760
Interest Expense	1,550
Administrative Expense	10,500
Cost of Merchandise Sold	3,550,000
Advertising Expense	3,500
Rent Revenue	24,000
Merchandise Inventory	7,000,000
Utilities Expense	4,500