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The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $58,475 on January 1, 2019, and $51,425 on December 31, 2019. The expense accounts numbered 611 through 617 represent selling expenses, and those numbered 631 through 646 represent general and administrative expenses. Nocounts 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 Expanse-Office 640 Payroll Taxes Expense 643 Depreciation Expense office Equipment 646 Uncollectible Recounts Expense 691 Interest Expense $245,000 Cr. 4,220 Dr. 270 Cr. 102,300 Dr. 1.845 Dr. 3,470 Cr. 1,670 Cr. 44,000 DE 2,100 DE 1,380 Dr. 12,200 DE 2,870 Dr. 19,800 Dr. 4,700 DE 440 DE 590 DE 480 DE Prepare a classified Income statement for this firm for the year ended December 31, 2019. BRIDGETS OFFICE SUPPLIES income Statement Operating revenue $ 245,000 Less: Sales roburns and allowance 240.780 Net sales 58,475 $ 97,160 1,845 99,005 Coat of goods sold Merchandise inventory, January 1, 2019 Nel delivered cost of purchases Freight in Delivered cost of purchases Purchases retums and allowance Purchases discounts Net d vered cost of purchases Total merchandise available for sale Los Merchandise Inventory, Dec 31, 2018 5,140 109.915 Prepare a classified income statement for this firm for the year ended December 31, 2019. BRIDGETS OFFICE SUPPLIES Income Statement $ 245,000 4,220 240,780 $ 58,475 $ 97,160 1,845 99,005 Operating revenue Sales Less: Sales returns and allowance Net sales Cost of goods sold Merchandise inventory, January 1, 2019 Net delivered cost of purchases Freight in Delivered cost of purchases Purchases returns and allowance Purchases discounts Net delivered cost of purchases Total merchandise available for sale Less: Merchandise inventory. Dec 31, 2019 Cost of goods sold Gross profit on sales Operating expenses Selling expenses Salaries expense Sales Store supplies expense Depreciation expense-Store Equip. SSS $ 3,470 and 5,140 93,865 152,340 51,425 100.915 139,865 44,000 47,560 Total Selling Expense General and Administrative Expenses Rent expense Utilities expense Salaries expense Office Payroll taxes expense Depreciation expense Office Equip. Uncollectible accounts expense Interest expense Total general and admin expenses Total antina en 12.200 2,870 19,800 4,700 440 590 480 $ 41.080 1,845 99,005 1.670 5,140 $ ply: Exercise 6 von niin vuol pulum Freight in Delivered cost of purchases Purchases returns and allowance Purchases discounts Net delivered cost of purchases Total merchandise available for sale Loss: Marchandise inventory, Dec 31, 2019 Cost of goods sold Gross profit on sales Operating expenses Selling expenses Salaries expense- Sales Store supplies expense Depreciation expense-Store Equip. 93.865 152,340 51.425 100,915 139,865 $ 44,000 2,180 1,380 s 47,560 s Total Selling Expense General and Administrative Expenses Rent expense Utilities expense Salaries expense-Office Payroll taxes expense Depreciation expense-Office Equip. Uncollectible accounts expense Interest expense Total general and admin. expenses Total operating expenses Income from operations Other income Miscellaneous income Other expense 12.200 2,870 19,800 4,700 440 5901 480) ST41 41,080 are 88,640 51,225 $ 270 Net income for year $ 51,495

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