Solution-Prepare a muliple-step income statement

Prepare a muliple-step income statement

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Reference no: EM131789263

Asignment

The adjusted trial balance for Burt Co. at December 31 is shown. Burt Company ADJUSTED TRIAL BALANCE December 31, 20--

1	Cash	53,000.00
2	Accounts Receivable	64,300.00
3	Merchandise Inventory	93,250.00
4	Office Supplies	4,000.00
5	Prepaid Insurance	6,500.00
6	Sales Rep. Automobiles	325,000.00
7	Accumulated Depreciation-Sales Rep. Automobiles		162,100.00
8	Office Equipment	149,750.00
9	Accumulated Depreciation-Office Equipment		72,750.00
10	Accounts Payable		97,200.00
11	Salaries Payable		28,700.00
12	Notes Payable (due in two years)		154,000.00
13	Maeve Burt, Capital		81,750.00
14	Maeve Burt, Drawing	52,000.00
15	Sales		365,500.00
16	Rent Revenue		17,500.00
17	Cost of Merchandise Sold	121,700.00
18	Sales Salaries Expense	29,500.00
19	Advertising Expense	3,000.00
20	Office Salaries Expense	34,600.00
21	Rent Expense	11,300.00
22	Depreciation Expense-Office Equipment	6,600.00
23	Insurance Expense	2,400.00
24	Office Supplies Expense	1,600.00
25	Depreciation Expense - Sales Rep. Automobiles	7,400.00
26	Insurance Expense - Sales Rep. Automobiles	1,600.00
27	Interest Expense	12,000.00
28	Totals	979,500.00	979,500.00

Required: Prepare the following financial statements for Burt Co. for the year ended December 31.

(a) a muliple-step income statement
(b) a statement of owner's equity
(c) a balance sheet in report form.

Reference no: EM131789263

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Prepare a muliple-step income statement

Reference no: EM131789263

Reference no: EM131789263

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