During the month of November, the following transactions occurred:

Start your worksheet with beginning balances 104,980

11/1 Paid $3,000 wages to employees.

11/1 Paid rent of $1,500 for office and retail space for month of November.

11/1 Paid $12,000 for one year of insurance premiums.

11/4 Paid for trains received Oct. 5.

11/6 Purchased 300 trains for $25 each. Paid cash.

11/9 Received an order for 100 trains to be delivered on Nov. 19.

11/12 Received an order for 500 trains to be delivered on Dec 10. Since such a large order, Steamy Stacks required a deposit of $11,000.

11/15 Received payment associated with sale on Oct. 17.

11/16 Paid $3,000 wages to employees.

11/19 Delivered the trains ordered on November 9 (100 trains at $45). Payment due Dec. 9.

11/20 Sold 150 trains for $45 each. The trains were delivered. Cash was received.

11/21 Fired an employee for inappropriate behavior. This will reduce the payroll from $3,000 to $2,800 for the period ending 11/30.

11/22 Purchased 1,000 business cards from Kinkos. Delivery and payment of $100 made.

11/25 Purchased 200 trains for $25 each. Payment is due Dec. 22.

11/29 Borrowed $25,000 from the bank by signing a five-year, 6% a.p.r. note. Interest payments are due quarterly.

11/30 Christmas advertisement ran last week of November. Paid the remaining balance of $780.

REQUIREMENTS:

1. Record transactions on worksheet according to the accrual method of accounting.

2. Prepare a multi-step income statement for the month of November.

3. Prepare a statement of stockholders equity as of November 30

4. Prepare a classified balance sheet for Steamy Stacks as of November 30.