Question

Use the following data from Burt Co., taken from the ledger after adjustment 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 a. Prepare a single-step income statement from the above data. b. Prepare a statement of owner's equity from the above data. c. Prepare a balance sheet in report form from the above data.

          Use the following data from Burt Co., taken from the ledger after adjustment 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

a. Prepare a single-step income statement from the above data.
b. Prepare a statement of owner's equity from the above data.
c. Prepare a balance sheet in report form from the above data.

Added by Lynn C.

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