Reference no: EM131777877

Prepare the following

(a) a multiple-step income statement,

(b) a statement of owner's equity,

(c) a balance sheet in report form from the following data for Burt Co., taken from the ledger after adjustments on December 31, the end of the fiscal year.

(d) explain your findings in detail about profitability and liquidity in a sentence form

Accounts Payable

$97,200

Accounts Receivable

64,300

Accumulated Depreciation-Office Equipment

72,750

Accumulated Depreciation-Store Equipment

162,100

Administrative Expenses

56,500

Cash

53,000

Cost of Merchandise Sold

121,700

Interest Expense

12,000

Maeve Burt, Capital

81,750

Maeve Burt, Drawing

52,000

Merchandise Inventory

93,250

Note Payable (due in two years)

154,000

Office Equipment

149,750

Prepaid Insurance

6,500

Rent Revenue

17,500

Salaries Payable

28,700

Sales

365,500

Selling Expenses

41,500

Store Equipment

325,000

Supplies

4,000