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Question - Prepare a single-step income statement for Burt Co. for the year ended December 31. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading.
Accounts Payable
$97,200
Accounts Receivable
64,300
Accumulated Depreciation - office Equipment
72,750
Accumulated Depreciation - Store Equipment
162,100
Administrative Expenses
56,500
Common Stock
81,750
Cash
53,000
Cost of Merchandise Sold
121,700
Dividends
52,000
Interest Expense
12,000
Merchandise Inventory
93,250
Note Payable, Due in two years
154,000
Office Equipment
149,750
Prepaid Insurance
6,500
Rent Payable
17,500
Salaries Payable
28,700
Sales
365,500
Selling Expenses
41,500
Store Equipment
325,000
Supplies
4,000
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