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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
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 DepreciationOffice Equipment | 72,750 |
Accumulated DepreciationStore 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.
Burt Co | ||
Income Statement | ||
For the Year Ended December 31 | ||
Revenues: | ||
$ | ||
Total revenues | $ | |
Expenses: | ||
$ | ||
Total expenses | ||
$ |
b. Prepare a statement of owner's equity from the above data.
Burt Co | ||
Statement of Owner's Equity | ||
For the Year Ended December 31 | ||
$ | ||
$ | ||
$ |
c Prepare a balance sheet in report form from the above data.
Burt Co | |||
Balance Sheet | |||
December 31 | |||
Assets | |||
Current assets: | |||
$ | |||
Total current assets | $ | ||
Property, plant, and equipment: | |||
$ | |||
$ | |||
$ | |||
Total property, plant, and equipment | |||
Total assets | $ | ||
Liabilities | |||
Current liabilities: | |||
$ | |||
Total current liabilities | $ | ||
Long-term liabilities: | |||
Total liabilities | $ | ||
Owner's Equity | |||
Total liabilities and owner's equity | $ |
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