Selected data from the ledger of Burt Co., after adjustments, on September 30, the end of the fiscal year, are listed as follows: Accounts Receivable $39,120 Office Equipment $82,700 Accumulated Depreciation 60,540 Prepaid Insurance 4,680 Administrative Expenses 90,000 Note Payable 77,750 Bob Burt, Capital 85,000 Salaries Payable 3,060 Bob Burt, Drawing 65,000 Sales 950,000 Cost of Merchandise Sold 550,000 Selling Expenses 102,000 Interest Revenue 10,000 Supplies 3,125 Prepare a single-step income statement and a statement of owner's equity. Be sure to complete the statement heading. If an amount is a negative number use a minus sign to indicate.
Selected data from the ledger of Burt Co., after adjustments, on September 30, the end of the fiscal year, are listed as follows: Accounts Receivable $39,120 Office Equipment $82,700 Accumulated Depreciation 60,540 Prepaid Insurance 4,680 Administrative Expenses 90,000 Note Payable 77,750 Bob Burt, Capital 85,000 Salaries Payable 3,060 Bob Burt, Drawing 65,000 Sales 950,000 Cost of Merchandise Sold 550,000 Selling Expenses 102,000 Interest Revenue 10,000 Supplies 3,125 Prepare a single-step income statement and a statement of owner's equity. Be sure to complete the statement heading. If an amount is a negative number use a minus sign to indicate.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Selected data from the ledger of Burt Co., after adjustments, on September 30, the end of the fiscal year, are listed as follows:
| $39,120 | Office Equipment | $82,700 | |
| 60,540 | Prepaid Insurance | 4,680 | |
| Administrative Expenses | 90,000 | Note Payable | 77,750 |
| Bob Burt, Capital | 85,000 | Salaries Payable | 3,060 |
| Bob Burt, Drawing | 65,000 | Sales | 950,000 |
| Cost of Merchandise Sold | 550,000 | Selling Expenses | 102,000 |
| Interest Revenue | 10,000 | Supplies | 3,125 |
| Prepare a single-step income statement and a statement of owner's equity. Be sure to complete the statement heading. If an amount is a negative number use a minus sign to indicate. |
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