The trial balance of Gaolee Fashion Center contained the following accounts at November 30, the end of the companys fiscal year.

Adjustment data: a. Supplies on hand totaled $2,600. b. Depreciation is $11,500 on the equipment. c. Interest of $3,800 is accrued on notes payable at November 30. d. Inventory actually on hand is $44,400.

Using above mentioned data: 1. Prepare multiple step income statement 2. Prepare classified balance sheet 3. Prepare closing entries and illustrate why the accountant needs to prepare these. 4. Identify the accounting assumption, principle, and /or constraint that descried each situation below and mention the reason: i) When in doubt, it is better to understate rather than overstate asset. ii) A particular expenditure is recognized as an expense since its contribution to revenue has been completed. iii) Transactions are recorded in the periods in which the events occur. iv) Indicates that personal and business record keeping should be separately maintained. v) Ensures that all relevant financial information which may influence the judgement for individual users is reported. vi) Preparing financial statements on an annual basis. vii) Using notes supplementary schedules in the financial statements. viii) Each entity is considered separated from its owner. ix) The death of president is not recorded in the accounts. x) Revenue is recorded at the point of sales.

you have to answer all of this with clear hand writing. i will give upvote. thank you.

Credit GAOLEE FASHION CENTER Trial Balance November 30, 2017 Debit Cash $ 20,700 Accounts Receivable 30,700 Inventory 44,700 Supplies 6,200 Equipment 133,000 Accumulated Depreciation Equipment Notes Payable Accounts Payable Owner's Capital Owner's Drawings 12,000 Sales Revenue 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 $ 28,000 60,000 48,500 93,000 755,200 $984,700