Adjusted Trial Balance Assignment
The adjusted trial balance data given below is from the Kelly Company’s worksheet for the year ended December 31, 2018.
| ACCT. | ADJUSTED TRIAL BALANCE |
|||||
| NO. | ACCOUNT NAME | DEBIT | CREDIT | |||
| 399 | Income Summary | 75,000 | 65,000 | |||
| 401 | Sales | 410,000 | ||||
| 451 | Sales Returns and Allowances | 5,500 | ||||
| 491 | Interest Income | 910 | ||||
| 501 | Purchases | 205,000 | ||||
| 502 | Freight In | 4,600 | ||||
| 503 | Purchases Returns and Allowances | 3,200 | ||||
| 504 | Purchases Discounts | 3,500 | ||||
| 611 | Sales Salaries Expense | 70,000 | ||||
| 613 | Advertising Expense | 3,700 | ||||
| 615 | Travel Expense | 13,100 | ||||
| 621 | Office Salaries Expense | 19,900 | ||||
| 623 | Office Supplies Expense | 910 | ||||
| 625 | Utilities Expense | 6,100 | ||||
| 627 | Payroll Taxes Expense | 3,100 | ||||
| 629 | Uncollectible Accounts Expense | 1,510 | ||||
| 631 | Depreciation Expense – Office Equipment | 710 | ||||
| 691 | Interest Expense | 3,200 | ||||
Prepare a classified income statement for the year ended December 31, 2018. The expense accounts numbered 611-615 represent selling expenses, and those numbered 621-631 represent general and administrative expenses.
Income Statement Year Ended December 31, 2018, Operating revenue Net sales Cost of goods sold Delivered cost of purchases Net delivered cost of purchases Total merchandise available for sale Operating expenses Selling expenses Total selling expenses General and administrative expenses Total general and administrative expenses Total operating expenses Net income from operations Other income Other expense Prepare a classified Income statement for the year ended December 31, 2018. The expense accounts numbered 611- 615 represent selling expenses. and those numbered 621-631 represent general and administrative expenses. KELLY COMPANY Income Statement Year Ended December 31, 2018, Operating revenue Net sales Cost of goods sold Delivered cost of purchases Net delivered cost of purchases Total merchandise available for sales Operating expenses Seling expenses Total selling expenses General and administrative expenses Talal general and administrative Cxnensce Total operating expenses Net income from operations Other income Other expertise Net non-operating expenses, .
