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Problem 5-6B

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

BUSES FASHION CENTER Trial Balance November 30, 2014
		Debit		Credit
Cash		$ 42,224
Accounts Receivable		37,744
Inventory		48,160
Supplies		9,856
Equipment		160,160
Accumulated DepreciationEquipment				45,920
Notes Payable				69,440
Accounts Payable				19,936
Common Stock				89,600
Retained Earnings				33,600
Dividends		13,440
Sales Revenue				848,064
Sales Returns and Allowances		6,944
Cost of Goods Sold		566,048
Salaries and Wages Expense		123,200
Advertising Expense		29,568
Utilities Expense		15,680
Maintenance and Repairs Expense		13,552
Freight-Out		13,104
Rent Expense		26,880
		$1,106,560		$1,106,560

Adjustment data:

1.		Store supplies on hand total $4,480.
2.		Depreciation is $15,680 on the store equipment and $6,720 on the delivery equipment.
3.		Interest of $4,928 is accrued on notes payable at November 30.
4.		Income tax due and unpaid at November 30 is $3,360.

Other data: $26,880 of notes payable are due for payment next year.

Prepare a classified balance sheet at November 30, 2014. (List current assets in order of liquidity.) Prepare a retained earnings statement for the year ended November 30, 2014. (List items that increase retained earnings first.) Prepare an adjusted trial balance.

Prepare a multiple-step income statement for the year ended November 30, 2014.

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