Pumpkin Patchwork Ltd is located in New Zealand. At the end of the entity’s financial year on 30 November 2016, the following accounts appeared in its adjusted trial balance.

Additional facts:

1. Inventory at 30 November 2015 is $39 820.

2. Note that Pumpkin Patchwork Ltd uses a periodic inventory system.

3. Income tax rate is 28%.

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 Earnings 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 $38841 15147 21648 45 980 1 100 8800 4400 10450 5566 9020 77 000 18920 13 200 9900 37 796 50 600 62 700 4950 693 000 7700 3300 3850 3850 20 900