The trial balance of Slum Dog Fashion Centre Inc. contained the following accounts at November 30, the company's fiscal year end:

Adjustment data:
1. Store supplies on hand totalled $3,100.
2. Depreciation is $40,000 on the store equipment and $30,000 on the delivery trucks.
3. Interest of $9,000 is accrued on notes payable at November 30.
Additional information:
1. Salaries and wages expense is 60% selling and 40% administrative.
2. Rent expense and utilities expense are 90% selling and 10% administrative.
3. Of the notes payable, $35,000 is due for payment next year.
4. Repairs and maintenance expense is 100% administrative.
5. The income tax rate for the company is 20%. No taxes have been accrued or paid during the year.
Instructions
(a) Enter the trial balance on a work sheet and complete the work sheet.
(b) Prepare a multiple-step income statement, and statement of retained earnings for the year, and a classified balance sheet as at November 30, 2017.

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SLUM DOG FASHION CENTRE INC. Trial Balance November 30, 2017 Debit Credit $ 29,200 82,000 105,000 8,600 225,000 Cash Accounts receivable Inventory Supplies Equipment Accumulated depreciation-equipment Trucks Accumulated depreciation-trucks Notes payable Accounts payable Common shares Retained earnings Sales revenue Sales returns and allowances Cost of goods sold $ 86,000 128,000 39,000 85,000 78,500 300,000 38,000 950,200 24,200 611,500 Salaries and wages expense Advertising expense Utilities expense Repairs and maintenance expense Delivery expense Rent expense 150,000 46,400 24,000 32,100 46,700 64,000 $1,576,700 $1,576,700