Below is the adjusted trial balance for Wacky Sallys Burritos Ltd for the year ended Nov 30, Year 5:

Additional Information:

1. Of the bank loan payable, $5,000 is to be paid in the next year; the remainder is long-term.

2. Common shares of $5,000 were issued during the year.

Instructions

for the year ended November 30, Year 5 prepare a properly formatted:

a) multiple-step income statement (7 marks).

b) statement of changes in equity (4 marks).

c) classified statement of financial position (9 marks).

Wacky Sally's Burritos Ltd Adjusted Trial Balance November 30, Year 5 Credit Debit $ 22,000 30.600 25,000 950 1,200 37,000 26,800 Cash Accounts receivable Inventory Supplies Prepaid insurance Long-term investments Equipment Accumulated depreciation equipment Accounts payable Salaries payable Interest payable Income tax payable Unearned revenue Bank loan payable Common shares Retained earnings Dividends declared Sales Sales discounts Sales returns and allowances Cost of goods sold Salaries expense Rent expense Depreciation expense Supplies expense Insurance expense Interest expense Research expense Income tax expense Totals $ 14,838 34,400 2.452 175 1,100 600 35,000 16,400 30,000 10,000 250,900 4,520 4.600 159,500 35,052 13.850 4,118 700 600 4,175 2.100 3.100 $385.865 $385.865