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.
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Accounts Payable
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$97,200
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Accounts Receivable
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64,300
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Accumulated Depreciation - office Equipment
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72,750
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Accumulated Depreciation - Store Equipment
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162,100
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Administrative Expenses
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56,500
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Common Stock
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81,750
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Cash
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53,000
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Cost of Merchandise Sold
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121,700
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Dividends
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52,000
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Interest Expense
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12,000
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Merchandise Inventory
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93,250
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Note Payable, Due in two years
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154,000
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Office Equipment
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149,750
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Prepaid Insurance
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6,500
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Rent Payable
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17,500
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Salaries Payable
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28,700
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Sales
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365,500
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Selling Expenses
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41,500
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Store Equipment
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325,000
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Supplies
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4,000
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