Selected data from the ledger of Morrison Co. after adjustment at September 30, 2011 the end of the fiscal year, are listed as follows:
| Accounts Receivable | $ 39,120 | Office Equipment | $ 82,700 | |
| Accumulated Depreciation | 60,540 | Prepaid Insurance | 4,680 | |
| Administrative Expenses | 90,000 | Note Payable | 77,750 | |
| Bob Morrison, Capital | 85,000 | Salaries Payable | 3,060 | |
| Cost of Merchandise Sold | 550,000 | Sales (net) | 950,000 | |
| Bob Morrison, Drawing | 65,000 | Selling Expenses | 102,000 | |
| Interest Revenue | 10,000 | Supplies | 3,125 | |
Prepare an income statement, using the single-step form, and a statement of owner’s equity.
Darshita Changed status to publish February 17, 2020
