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 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
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 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text: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

Transcribed Image Text: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
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