CALCULATOR PRI Problem 3-4 (Part Level Submission) The trial balance of Sunland

Question

CALCULATOR PRI Problem 3-4 (Part Level Submission) The trial balance of Sunland Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. t Leve SUNLAND FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2017 Debit Credit Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Sales Revenue Sales Returns and Allowances Cost of Goods Sold Salaries and Wages Expense Advertising Expense Utilities Expenses Maintenance and Repairs Expense Delivery Expense , $33,320 37,090 48,390 139,780 $26,460 54,390 51,890 93,390 11,390 765,210 4,200 495,400 138,480 27,630 15,520 12,100 16,700

Explanation / Answer

Income statement

for the period ended November 30 2017

Income statement

for the period ended November 30 2017

Revenue sales revenue 765210 less:sales return and allowance (4200) Net sales 761010 less:cost of goods sold (495400) Gross profit 265610 selling and administrative expense selling expense Advertising expense 27630 Delivery expense 16700 Total selling expense 44330 Administrative expense salaries and wage expense 138480 supplies expense 4000 utilities expense 15520 Depreciation expense 16845 maintenance and repairs expense 12100 Rent expense 25230 Total administrative expense 212175 Total selling and administrative expense (256505) Income from operations 9105 Other income /(expense) Interest expense (10310) Net income /Income before tax (1205)

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