1.
2.
3. The trial balance of Gaolee Fashion Center contained the following accounts at
November 30, the end of the company’s fiscal year.
4. Sylhet Departmental Store is located at the heart of Dhaka City. At the end of the company’s fiscal
year on December 31, 2016. The following accounts appeared on the trail balances.
Account Title Debit (Tk) Credit (Tk)
Account Payable 47,310
Account Receivable 11,770
Accumulated Depreciation- Delivery equipment 19,680
Accumulated Depreciation. - Store Equipment 41,800
Cash 8,000
Mr. Mamun, Capital 84,200
Cost of Goods Sold 633,220
Delivery Expense 8,200
Delivery Equipment 57,000
Depreciation Expense- Delivery Equipment 4,000
Depreciation Expense- Store Equipment 9,500
Mr. Mamun, Drawing 12,000
Insurance Expense 9,000
Interest Expense 8,000
Interest Revenue 5,000
Merchandise Inventory 36,200
Notes Payable 46,000
Prepaid Insurance 4,500
Property Tax Expense 3,500
Property Taxes Payable 3,500
Rent Expense 19,000
Salaries Expense 120,000
Sales 850,000
Sales Commission Expense 14,000
Sales Commission Payable 6,000
Sales return & Allowances 10,000
Store Equipment 125,000
Utilities Expense 10,600
1103490 1103490
Analysis reveals the following additional data
i. Salaries expense is 75% selling and 25 % administrative.
ii. Insurance expense is 50% selling and 50% administrative.
iii. Rent expense, Utilities expense, and Property tax expense are administrative expenses.
iv. Notes payable are due in 2021.
Instructions:
Prepare a multiple-step income statement, an owner’s equity statement, and classified balance sheet.