Bargains Department Store is located in Sydney. At the end of the entity’s financial year on 30 November 2016, the following accounts appeared in its trial balance: 

Additional facts:

1. Inventory at 30 November 2015 is $54 300.

2. Note that Bargains Department Store uses a periodic inventory system.

3. Income tax rate is 30%.

Required

Prepare a fully classified statement of profit or loss for the year ended 30 November 2016. 

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Accounts Payable Accounts Receivable Accumulated Depreciation-Office Equipment Accumulated Depreciation-Store Equipment Bank Charges Cash Depreciation Expense-Office Equipment Depreciation Expense-Store Equipment Freight-in Freight-out Share Capital Retained Profits Dividends Insurance Expense Inventory Loan Payable Office Equipment Prepaid Insurance Purchases Discount Received Purchase Returns and Allowances Rates and Taxes Expense Rates and Taxes Payable Rent Expense-Office Space Salaries Expense-Office $ 52965 20655 29520 62 700 1500 12 000 6000 14250 7590 12300 105 000 25 800 18000 13500 51540 69 000 85 500 6750 945 000 10500 4500 5250 5250 28 500 210 000