Prepare a Single-Step Income Statement from the Following Data for Burt

question 167

Essay

Prepare a single-step income statement from the following data for Burt Co., taken from the ledger after adjustments on December 31, the end of the fiscal year. $$\begin{array} { | l | r | } \hline \text { Accounts Payable } & \$ 97,200 \\\hline \text { Accounts Receivable } & 64,300 \\\hline \text { Accumulated Depreciation-Office Equipment } & 72,750 \\\hline \text { Accumulated Depreciation-Store Equipment } & 162,100 \\\hline \text { Administrative Expenses } & 56,500 \\\hline \text { Common Stock } & 81,750 \\\hline \text { Cash } & 53,000 \\\hline \text { Cost of Merchandise Sold } & 121,700 \\\hline \text { Dividends } & 52,000 \\\hline \text { Interest Expense } & 12,000 \\\hline \text { Merchandise Inventory } & 93,250 \\\hline \text { Note Payable, Due in two years } & 154,000 \\\hline \text { Office Equipment } & 149,750 \\\hline \text { Prepaid Insurance } & 6,500 \\\hline \text { Rent Revenue } & 17,500 \\\hline \text { Salaries Payable } & 28,700 \\\hline \text { Sales } & 365,500 \\\hline \text { Selling Expenses } & 41,500 \\\hline \text { Store Equipment } & 325,000 \\\hline \text { Supplies } & 4,000 \\\hline\end{array}$$

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Definitions:

Lending Workers

The practice of temporarily assigning employees to work for another organization or within a different part of the same organization.

Extending Reductions

The process of increasing the scope or duration of cost-cutting or resource-saving measures.

Deep Water Exploration

The process of investigating and exploring the seabed and sub-sea layers in oceanic environments at great depths for resources or scientific research.

Company Profits

The financial gain that a company obtains after deducting all its expenses from its total revenues.