Question

Adjustment data:

1.		Supplies on hand totaled $5,040.
2.		Depreciation is $16,905 on the equipment.
3.		Interest of $11,880 is accrued on notes payable at November 30.

Other data:

1.		Salaries expense is 70% selling and 30% administrative.
2.		Rent expense and utilities expenses are 80% selling and 20% administrative.
3.		$30,000 of notes payable are due for payment next year.
4.		Maintenance and repairs expense is 100% administrative.

SHAMROCK FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2017
		Debit			Credit
Cash		$33,510
Accounts Receivable		37,240
Inventory		48,540
Supplies		9,040
Equipment		140,080
Accumulated Depreciation-Equipment					$26,540
Notes Payable					54,540
Accounts Payable					52,040
Common Stock					93,540
Retained Earnings					11,540
Sales Revenue					765,550
Sales Returns and Allowances		4,200
Cost of Goods Sold		495,400
Salaries and Wages Expense		138,280
Advertising Expense		27,670
Utilities Expenses		15,720
Maintenance and Repairs Expense		12,100
Delivery Expense		16,700
Rent Expense		25,270
Totals		$1,003,750			$1,003,750	Prepare an adjusted trial balance. Prepare a multiple-step income statement for the year.

Answer 1

Adjusted trial balance
Cash	33510
Accounts receivable	37240
Inventory	48540
Supplies	5040
equipment	140080
Accumulated depreciation equipment		43445
notes payable		54540
accounts payable		52040
Interest payable		11880
Common stock		93540
Retained earnings		11540
Sales revenue		765550
Sales return and allowance	4200
Cost of goods sold	499400
Salaries and wages expense	138280
Advertising expense	27670
utilities expebse	15720
maintenance and repair expense	12100
Delivery expense	16700
Rent expense	25270
interest expense	11880
Depreciation expense	16905
Totals	1032535	1032535