Question: The trial balance of Slum Dog Fashion Centre Inc contained

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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