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.