Question
Stake Technology Inc. began operations several years ago. Stake Technology Inc.'s closing entries at November 30, 2014 are shown below Use this information to
Stake Technology Inc. began operations several years ago. Stake Technology Inc.'s closing entries at November 30, 2014 are shown below Use this information to prepare a classified multi-step income statement for the year ending November 30, 2014. Date General Journal Account/Explanation F Debit Page GJ1 Credit 30/Nov Rent Earned 220,500 Sales 295,500 Income Summary 516,000 Close temporary credit balance accounts 30/Nov Income Summary 510,000 Advertising Expense 46.000 Cost Of Goods Sold 120 500 Depreciation Expense, Office Furniture 7,500 Depreciation Expense, Store Fixtures 9.500 Income Taxes Expense 1,500 22.000 Office Supplies Expense 33,500 Rent expense office space 63.500 Rent expense selling space Sales Discounts Sales Returns and Allowances Store Supplies Expense 107,500 18.000 8,000 72,500 Close temporary debit balance accounts Retained Earnings 30/Nov Income Summary. Close income summary 30/Nov Retained Earnings, Dividends Close dividends 6.000 6,000 24,500 24,500 (select one) Income Statement (select one)
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