Question

Prepare (a) a single-step income statement, (b) a statement of owner's equity, and (c) a balance sheet from the following data for Burt Co., taken from the ledger after adjustments on December 31, the end of the fiscal year.

Accounts Payable $97,200

Accounts Receivable 64,300

Accumulated Depreciation—Office Equipment 72,750

Accumulated Depreciation—Store Equipment 162,100

Administrative Expenses 56,500

Cash 53,000

Cost of Merchandise Sold 121,700

Interest Expense 12,000

Maeve Burt, Capital 81,750

Maeve Burt, Drawing 52,000

Merchandise Inventory 93,250

Note Payable (due in two years) 154,000

Office Equipment 149,750

Prepaid Insurance 6,500

Rent Revenue 17,500

Salaries Payable 28,700

Sales 365,500

Selling Expenses 41,500

Store Equipment 325,000

Supplies 4,000

Answer

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