Reference no: EM132385630
Question
The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $59,575 on January 1, 2019, and $52,525 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.
Accounts 401Sales$247,500Cr. 451Sales Returns and Allowances 4,330Dr. 491Miscellaneous Income 380Cr. 501Purchases 103,400Dr. 502Freight In 1,955Dr. 503Purchases Returns and Allowances 3,580Cr. 504Purchases Discounts 1,780Cr. 611Salaries Expense-Sales 45,100Dr. 614Store Supplies Expense 2,290Dr. 617Depreciation Expense-Store Equipment 1,490Dr. 631Rent Expense 13,300Dr. 634Utilities Expense 2,980Dr. 637Salaries Expense-Office 20,900Dr. 640Payroll Taxes Expense 5,800Dr. 643Depreciation Expense-Office Equipment 550Dr. 646Uncollectible Accounts Expense 700Dr. 691Interest Expense 700Dr.
The worksheet of Bridget's Office Supplies contains the following owner's equity accounts. No additional investments were made during the period.
Accounts 301Bridget Swanson, Capital$63,560
Cr. 302Bridget Swanson, Drawing 40,600
Dr.
Net income for the year $42,695.
Prepare statement of owner's equity for the year ended December 31, 2019.
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