The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise...

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The worksheet of Bridgets Office Supplies contains the following revenue, cost, and expense accounts. The merchandise Invent

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Answer 1

Answer #1

INCOME STATEMENT
IN CLASSIFIED FORM

Particulars	Amount	Amount
Sales Revenue	$ 2,44,800
Less: Sales Returns and allowance	$ 4,210
		$ 2,40,590

Less : Cost of Goods Sold
Inventory , January 1, 2019	$ 58,375
Add: Purchase	$ 1,02,200
Add: Freight In	$ 1,835
Less: Purchase Return and allowances	$ 3,460
Less: Purchase Discount	$ 1,660
Less: Inventory , December 31 2018	$ 51,325
		$ 1,05,965

Gross Profit		$ 1,34,625

Less : Operating Expenses
Salaries Expenses - Sales	$ 43,900
Store Supplies - Expenses	$ 2,170
Rent Expenses	$ 12,100
Utilities Expenses	$ 2,860
Salaries Expenses - Office	$ 19,700
Payroll Taxes - Expenses	$ 4,600
Depreciation expenses - Offfice equipment	$ 430
Uncollectable account expenses	$ 580
		$ 86,340

Operating Income		$ 48,285

Non- Operarting and others
Miscllaneous income	$ 260
Interest Expenses	$ -460
		$ -200

Net Income		$ 48,085

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Answer 2

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