2. BATAM Unit 1 Activity 10-3 Assignment Periodic Inventory Worksheet & Income Statement Complete the Worksheet and Income Statement on the Excel document for Metro Department Store for the fiscal year ended November 30, 20-- This company uses the periodic inventory system. Use the additional information below to help you complete the adjustments on the worksheet. **All accounts are available for you, ie. there is no need for you to add any extra accounts on the worksheet. 1. The one-year insurance policy was purchased on July 1, 20- The store equipment is amortized using the declining balance method of amortization at a rate of 30%. *The other two assets have already been amortized for you. 3. The supplies inventory at fiscal year end is $240. $500 worth of salaries are paid each five-day work week on Friday, November 30 falls on a Wednesday. Sales commissions owing on Friday will be $1000. November 30 falls on a Wednesday Merchandise Inventory at fiscal year-end is $36 200. Complete the remaining portion of the worksheet. Create the periodic inventory system Income Statement on the second sheet of the document. Create a classified balance sheet on the third sheet of the document. 4. 5. 6. METRO DEPARTMENT STORE Worksheet for the year ended November 30, 20- Account Adjustments DR CR Adjusted Trial Balance DR CR Income Statement DR CR Balance Sheet DR CR Trial Balance DR CR 119,110 13.770 1,640 34,360 4,500 57,000 19.680 125,000 25,750 175,000 41,800 45,000 35,310 Cash Accounts Receivable Supplies Merchandise Inventory Prepaid Insurance Delivery Equipment Acc. Amortization Delivery Equip Store Equipment Acc. Amortization Store Equip Building Acc. Amortization Building Land Accounts Payable Salaries Payable Sales Commissions Payable Mortgage Payable Hachey, Capital Hachey, Drawings Sales Sales Returns and Allowances Purchases Purchase Returns and Allowances Amortization Expense Delivery Expense Freight in Supplies Expense Salaries Expense Sales Commissions Expense Utilities Expense Total Insurance Expense Amortization Expense Store Equip 146,000 220,200 72.000 848.000 10,000 630,000 3.000 19,500 8.200 5,060 19,600 1.3.39,740 1.339.740 Net Income Metro Department Store Income Statement For the Year Ended November 30, 20-- Revenue Cost of Goods Sold Gross Profit Operating Expenses Net Income Metro Department Store Balance Sheet November 30, 20- Assets Current Assets Fixed Assets Liabilities and Equity Current Liabilities Long Term Liabilities Owner's Equity