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FASHION CENTRE Adjusted Trial Balance November 30, 2015 Debit $22,000 Credit Cash....... Accounts receivable Merchandise inventory Supplies..... Prepaid insurance Long-term investment.. Equipment .. Accumulated depreciation-equipment...

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FASHION CENTRE Adjusted Trial Balance November 30, 2015 Debit $22,000 Credit Cash....... Accounts receivable Merchandise inventory Supplies..... Prepaid insurance Long-term investment.. Equipment .. Accumulated depreciation-equipment... Accounts payable. Salaries payable.. Interest payable Income tax payable Unearned revenue. 30,600 25,000 950 1,200 37,000 26.800 $ 16,080 34,400 1,210 175 1,100 600 35,000 16,400 25,000 Bank loan payable (matures 2018) Common shares. Retained earnings Dividends Sales ..... Interest revenue Sales discounts Sales returns and allowances. Cost of goods sold .. Salaries expense. Rent expense Depreciation expense Supplies expense. Insurance expense. Interest expense Advertising expense 10,000 250,900 5.000 4.520 4,600 159,500 33,810 13,850 5,360 700 600 4,175 2,100 3,100 $385,865 Income tax expense . $385,865 Totals.... 48. The assets section of the Classified Statement of Financial Position would appear as follows FASHION CENTRE LTD Statement of Financial Position November 30, 2015 (a) Assets Current assets Cash $22,000 30,600 Accounts receivable Merchandise inventory Supplies Prepaid insurance Long-term investments Total current assets Property, plant, and equipment Equipment. Less Accumulated depreciation Total property. plant, and equipment Total assets 25.000 950 1.200 37000 116,750 $26.800 16080 10,720 S127.470 (b) Assets Current assets Accounts receivable Merchandise inventory 30 600 25,000 $22,000 Cash Supplies Prepaid insurance 950 200 Total current assets Long-term investments Property, plant, and equipment Equipment Less: Accumulated depreciation Total property, plant, and cquipment Total asscts 79,750 37,000 $26,800 16.080 10,720 S127470 (c) Assets Current assets $22,000 30,600 25,000 Cash Accounts reccivable Merchandise inventory 950 Supplies. Prepaid insurance Long-term investments Equipment Total assets. 1.200 37.000 10.720 S127470 (d) Assets Current assets $22,000 Cash Accounts receivable Merchandise inventory Supplies Prepaid insurance 30.600 25.000 950 1200 S 79,750 37.000 Total current assets Long-term investments Property, plant, and equipment Equipment Less Accumulated depreciation Total property. plant, and equipment Total assets $26,800 16080 10,720 SI27.470

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