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

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterE: Departmental Accounting

Section: Chapter Questions

Problem 1P: Bay Book and Software has two sales departments: Book and Software. After recording and posting all...

See similar textbooks

Similar questions

Bay Book and Software has two sales departments: Book and Software. After recording and posting all adjustments, including the adjustments for merchandise inventory, the accountant prepared the adjusted trial balance (shown on the next page) at the end of the fiscal year. Merchandise inventories at the beginning of the year were as follows: Book Department, 53,410; Software Department, 23,839. The bases (and sources of figures) for apportioning expenses to the two departments are as follows (rounded to the nearest dollar): Sales Salary Expense (payroll register): Book Department, 45,559; Software Department, 35,629 Advertising Expense (newspaper column inches): Book Department, 550 inches; Software Department, 450 inches Depreciation Expense, Store Equipment (property and equipment ledger): Book Department, 7,851; Software Department, 2,682 Store Supplies Expense (requisitions): Book Department, 205; Software Department, 199 Miscellaneous Selling Expense (volume of gross sales): Book Department, 240; Software Department, 110 Rent Expense and Utilities Expense (floor space): Book Department, 9,000 square feet; Software Department, 7,000 square feet Bad Debts Expense (volume of gross sales): Book Department, 1,029; Software Department, 441 Miscellaneous General Expense (volume of gross sales): Book Department, 364; Software Department, 156 Required Prepare an income statement by department to show income from operations, as well as a nondepartmentalized income statement (using the Total columns) to show net income for the entire company.
The following is selected information from Mars Corp. Compute net purchases, and cost of goods sold for the month of March.
The following is select account information for August Sundries. Sales: $850,360; Sales Returns and Allowances: $148,550; COGS: $300,840; Operating Expenses: $45,770; Sales Discounts: $231,820. If August Sundries uses a multi-step income statement format, what is their gross margin?
The following is selected information from Orange Industries. Compute net purchases, and cost of goods sold for the month of June.
The Income Statement columns of the August 31 (year-end) work sheet for Ralley Company are shown here. To save time and space, the expenses have been grouped together into two categories. INCOME STATEMENT ACCOUNT NAME DEBIT CREDIT Income Summary 31,100.00 31,130.00 Sales 324,360.00 Sales Returns and Allowances 13,970.00 Sales Discounts 7,620.00 Purchases 126,210.00 Purchases Returns and Allowances 1,020.00 Purchases Discounts 1,110.00 Freight In 8,460.00 Selling Expenses 61,470.00 General Expenses 51,751.00 300,581.00 357,620.00 Net Income 57,039.00 357,620.00 357,620.00 From the information given, prepare an income statement for the company. Ralley CompanyIncome StatementFor Year Ended August 31, 20-- (See images)
The Income Statement columns of the August 31 (year-end) work sheet for Ralley Company are shown here. To save time and space, the expenses have been grouped together into two categories. INCOME STATEMENT ACCOUNT NAME DEBIT CREDIT Income Summary 32,000.00 31,000.00 Sales 324,000.00 Sales Returns and Allowances 13,310.00 Sales Discounts 7,700.00 Purchases 126,360.00 Purchases Returns and Allowances 1,200.00 Purchases Discounts 1,300.00 Freight In 7,500.00 Selling Expenses 61,560.00 General Expenses 50,884.00 299,314.00 357,500.00 Net Income 58,186.00 357,500.00 357,500.00 From the information given, prepare an income statement for the company. Ralley Company Income Statement For Year Ended August 31, 20-- Revenue from Sales: $fill in the blank 2 $fill in the blank 4 fill in the blank 6 fill in the blank 7 Net Sales $fill in…
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…
The following data for the current year ended June 30 are from the accounting records of Zanadu Co.: Administrative expenses $28,750 Cost of goods sold 181,440 Interest expense 3,600 Rent revenue 1,500 Sales 534,440 Selling expenses 65,000 Required: Prepare a multiple-step income statement for the year ended June 30. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Negative amounts should be entered with a minus sign. Be sure to complete the statement heading.
The following summarized data were provided by the records of Mystery Incorpor Administrative Expense Cost of Goods Sold Income Tax Expense Sales Returns and Allowances 42 Selling Expense Sales of merchandise for cash Sales of merchandise on credit es $ 23,000 185,000 21,600 9,000 48,200 340,000 52,000 Required: 1. Based on these data, prepare a multi-step income statement for internal reportin MYSTERY INCORPORATED Income Statement For the Year Ended December 31 Sales revenue Sales returns and allowances Net sales Cost of goods sold GA $ 392,000 9,000 383,000 185,000
The following is select account information for August Sundries: Sales: $850,360; Sales Returns and Allowances: $148,550; Cost of Goods Sold: $300,840; Operating Expenses: $45,770; and Sales Discounts: $231,820. PLEASE NOTE: All dollar amounts will have "$" and commas, where needed (i.e. $12,345). If August Sundries uses a multi-step income statement format, what is their gross margin?
Use the following information to prepare a multiplestep income statement, including the revenue section and the cost of goods sold section, for Aeito's Plumbing Supplies for the year ended December 31, 20--.
The following information is from Gbane Company's accounting records for the year ended December 31: Purchases $218,400 Transportation-in 13,200 Inventory, January 1 31,800 Inventory, December 31 34,560 Purchase Returns and Allowances 10,080 Using the cost of goods sold model, how much will the company report as its cost of goods sold in its income statement for the year ended December 31?