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Base your answer for Problem 2 on the following information. 2. The trial balance of the Coleman-Foose Company was prepared from the record of the company on November 30, 20X2, the close of its fiscal year COLEMAN-FOOSE COMPANY Trial Balance November 30, 20x2 Cash Accounts Receivable Allowance for Doubtful Accounts Inventory-12/1/X1 Unexpired Insurance Supplies on Hand Land Building Accumulated Depreciation-Building Office Equipment Accumulated Depreciation-Office Equipment Accounts Payable Mortgage Payable Capital Stock Retained Earnings Dividends Sales Sales Returns and Allowances Sales Discounts Purchases Purchase Returns and Allowances Purchase Discounts Transportation-In Salaries Expense Travel Expense Office Expense Professional Fee Expense Telephone Expense Building Repair Expense s 12,200 16,300 $ 200 14,175 660 265 18,000 22,000 6,000 6,800 2,100 11,400 9,000 40,000 2,200 8,000 172,000 600 2,700 109,800 1,200 2,300 900 23,000 5,200 1,300 2,500 1,200 $246,400 $246,400 Additional data: a. The Allowance for Doubtful Accounts should be increased by $400. b. Merchandise Inventory at November 30, 20x2, was $16,200. c. Unexpired Insurance on November 30, 20x2, amounted to $440. d. Supplies on Hand November 30, 20x2, $120. e. Building depreciation is calculated at 5% per year. f, Office depreciation is calculated at 10% per year. g. Salaries accrued at November 30, 20x2, are $400. REQUIRED: 1. Prepare a work sheet. (The adjusted trial balance columns are to be omit- ted.) 2. Prepare an income statement for the year. 3. Prepare closing entries

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eare ended Nov 3Dox2 cam e Sales less aetn (4132000- 600) 71400 2300 700 expenses 800200 108,600 20 O 23,4o O S200 130 O tuOo Buiding elais ipen Se 3nsus 200 800 220 - quo I6,200) (202SDebit edi 133,300 To Pubchases oD Sales distad 100 2 3/400 ravel t2f S200 300 2 SOD Buildih relais dnsuranc e 800 220 28a60 &

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