Prepare
(a) a single-step income statement,
(b) a statement of owner's equity, and
(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.

\begin{array} { | l | r | } \hline \text { Accounts Payable } & \$ 97,200 \\\hline \text { Accounts Receivable } & 64,300 \\\hline \text { Accumulated Depreciation-Office Equipment } & 72,750 \\\hline \text { Accumulated Depreciation-Store Equipment } & 162,100 \\\hline \text { Administrative Expenses } & 56,500 \\\hline \text { Cash } & 53,000 \\\hline \text { Cost of Merchandise Sold } & 121,700 \\\hline \text { Interest Expense } & 12,000 \\\hline \text { Maeve Burt, Capital } & 81,750 \\\hline \text { Maeve Burt, Drawing } & 52,000 \\\hline \text { Merchandise Inventory } & 93,250 \\\hline \text { Note Payable (due in two years) } & 154,000 \\\hline \text { Office Equipment } & 149,750 \\\hline \text { Prepaid Insurance } & 6,500 \\\hline \text { Rent Revenue } & 17,500 \\\hline \text { Sal aries Payable } & 28,700 \\\hline \text { Sales } & 365,500 \\\hline \text { Selling Expenses } & 41,500 \\\hline \text { Store Equipment } & 325,000 \\\hline \text { Supplies } & 4,000 \\\hline\end{array}

Calculate the Gross Profit for Jefferson Company Based on the Following

Multiple Choice

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