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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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