Question

The trial balance of Slum Dog Fashion Centre Inc. contained the following accounts at November 30, the company's fiscal year end:
Adjustment data:
1. Store supplies on hand totalled $3,100.
2. Depreciation is $40,000 on the store equipment and $30,000 on the delivery trucks.
3. Interest of$9,000 is accrued on notes payable at November 30.
Additional information:
1. Salaries and wages expense is 60% selling and 40% administrative.
2. Rent expense and utilities expense are 90% selling and 10% administrative.
3. Of the notes payable, $35,000 is due for payment next year.
4. Maintenance and repairs expense is 100% administrative.
Instructions
(a) Enter the trial balance on a work sheet and complete the work sheet.
(b) Prepare a multiple-step income statement, and statement of retained earnings for the year; and a classified balance sheet as at November 30, 2014.


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  • CreatedSeptember 18, 2015
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