The trial balance of Gaolee Fashion Center contained the following accounts at

November 30, the end of the company's fi scal year.

GAOLEE FASHION CENTER

Trial Balance

November 30, 2017

Debit Credit

Cash $ 20,700

Accounts Receivable 30,700

Inventory 44,700

Supplies6,200

Equipment 133,000

Accumulated Depreciation Equipment $ 28,000

Notes Payable60,000

Accounts Payable 48,500

Owner's Capital 93,000

Owner's Drawings 12,000

Sales Revenue 755,200

Sales Returns and Allowances 8,800

Cost of Goods Sold 497,400

Salaries and Wages Expense 140,000

Advertising Expense 24,400

Utilities Expense 14,000

Maintenance and Repairs Expense 12,100

Freight-Out 16,700

Rent Expense 24,000

Totals$984,700$984,700

Adjustment data:

1. Supplies on hand totaled $2,600.

2. Depreciation is $11,500 on the equipment.

3. Interest of $3,800 is accrued on notes payable at November 30.

4. Inventory actually on hand is $44,400.

Instructions:

(a) multiple-step income statement and an owner's equity statement for the

year, and a classified balance sheet as of November 30, 2017. Notes payable of $20,000

are due in January 2018.