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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

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.

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