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