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$39,120Office Equipment$82,700Accumulated Depreciation60,540Prepaid Insurance4,680Administrative Expenses90,000Note Payable77,750Bob Burt, Capital85,000Salaries Payable3,060Bob Burt, Drawing65,000Sales950,000Cost of Merchandise Sold550,000Selling Expenses102,000Interest Revenue10,000Supplies3,125Prepare 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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Description: 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$39,120Office Equipment$82,700Accumulated Depreciation60,540Prepaid Insurance4,680Administrative Expen

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Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....

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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:

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.

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