The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. Prepare a...
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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 $59,175 on January 1, 20X1, and $52,125 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 201 For the 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 $ 246,400 4,290 340 Credit Debit Credit Debit 1,915 Debit 3,540 Credit 1,740 Credit 44,700 Debit 2,250 Debit 1,450 Debit Debit 103,000 12,900 2,940 20,500 5,400 510 660 620 Debit Debit Debit Debit Debit Debit Operating revenue Net sales Cost of goods sold Total merchandise available for sale Operating expenses Selling expenses BRIDGET'S OFFICE SUPPLIES Income Statement 0 0 69 $ 0 0 $ 0 0 0 Total selling expense General and administrative expenses Total general and administrative expenses Total operating expenses Other income Other expense 69 $ $ 0 69 69 $ 0 0 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 $59,175 on January 1, 20X1, and $52,125 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 201 For the 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 $ 246,400 4,290 340 Credit Debit Credit Debit 1,915 Debit 3,540 Credit 1,740 Credit 44,700 Debit 2,250 Debit 1,450 Debit Debit 103,000 12,900 2,940 20,500 5,400 510 660 620 Debit Debit Debit Debit Debit Debit Operating revenue Net sales Cost of goods sold Total merchandise available for sale Operating expenses Selling expenses BRIDGET'S OFFICE SUPPLIES Income Statement 0 0 69 $ 0 0 $ 0 0 0 Total selling expense General and administrative expenses Total general and administrative expenses Total operating expenses Other income Other expense 69 $ $ 0 69 69 $ 0 0
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SOLUTION To prepare a classified income statement for Bridgets Office Supplies for the year ended December 31 20X1 we need to calculate the net sales ... View the full answer
Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0077639730
4th edition
Authors: David Haddock, John Price, Michael Farina
Posted Date:
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