How much is your service? I need help with an accounting problem: Prepare an income statement, using the single-step form, and a statement of owner's equity using the data (below) from the ledger of Morrison Co. after adjustment at September 30, 2011 the end of the fiscal year, listed as follows:
Accounts Receivable $ 39,120
Accumulated Depreciation 60,540
Administrative Expenses 90,000
Bob Morrison, Capital 85,000
Cost of Merchandise Sold 550,000
Bob Morrison, Drawing 65,000
Interest Revenue 10,000
Office Equipment 82,700
Prepaid Insurance 4,680
Note Payable 77,750
Salaries Payable 3,060
Sales (net) 950,000
Selling Expenses 102,000
Supplies 3,125