Accounts Payable	$97,200
Accounts Receivable	64,300
Accumulated DepreciationOffice Equipment	72,750
Accumulated DepreciationStore Equipment	162,100
Administrative Expenses	56,500
Common Stock	81,750
Cash	53,000
Cost of Goods Sold	121,700
Dividends	52,000
Interest Expense	12,000
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

	Required:
	Prepare a single-step income statement from the above data for Burt Co., taken from the ledger after adjustments on December 31, the end of the fiscal year. 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. Be sure to complete the statement heading.

Labels
Expenses
For the Year Ended December 31
Revenues

Labels
Expenses
For the Year Ended December 31
Revenues
Amount Descriptions
Net income
Net loss
Total revenues
Total expenses

Prepare a single-step income statement for Burt Co. for the year ended December 31. 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. Be sure to complete the statement heading.

income statement:

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