Selected Data from the Ledger of Beck Co Prepare a Single-Step Income Statement and a Statement of Retained

question 201

Essay

Selected data from the ledger of Beck Co., after adjustments, on September 30, the end of the fiscal year, are listed as follows: $$\begin{array} { l l l l } \text { Accounts Receivable } & \$ 39,120 & \text { Prepaid Insurance } & \$ 4,680 \\\text { Accumulated Depreciati on } & 60,540 & \text { Note Payable } & 77,750 \\\text { Administrative Expenses } & 90,000 & \text { Retained Earnings } & 25,000 \\\text { Common Stock } & 65,000 & \text { Salaries Payable } & 3,060 \\\text { Cost of Merchandise Sold } & 550,000 & \text { Sales } & 950,000 \\\text { Dividends } & 65,000 & \text { Selling Expenses } & 102,000 \\\text { Interest Revenue } & 10,000 & \text { Supplies } & 3,125 \\\text { Office Equipment } & 82,700 & &\end{array}$$ Prepare a single-step income statement and a statement of retained earnings.

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Definitions:

Assumption of Risk

A legal principle where an individual acknowledges and accepts the potential risks involved in an activity, which may limit their rights to claim damages in the event of injury.

Contributory Negligence

A legal doctrine that can bar or reduce a plaintiff's right to recovery if the plaintiff's own negligence contributed to the harm suffered.

Comparative Fault

A legal principle that reduces the claimant's damages award based on the percentage of their fault in contributing to their own harm.

Abnormally Dangerous

Activities or operations that inherently pose a significant risk of harm to others, regardless of the precautions taken.