BEST BUYS DISTRIBUTORS INC TRIAL BALANCE NOVEMBER 30, 2022
Purchases (gross) $850,725
Depreciation - sales equipment $94,700
Depreciation - machinery
Purchases Returns and Allowance $17,225
Common Stock
Purchases Discount $16,227
Write-off of Goodwill
Accounts Receivable $82,900
Dividend Declared on Common Stock
Rent Revenue $24,000
Dividend Declared on Preferred Stock
Loss on Disposal of Furniture Division
Retained Earnings $162,377 (net of tax)
Salaries Payable $22,312
Equipment Sales $1,563,247
Bonds Payable
Notes Receivable $115,000
Gain on Sale of Machine
Accumulated Depreciation - Machinery $37,500
Accumulated Depreciation - Building
Accounts Payable $82,000
Building Sales Discount $36,450
Depreciation - Building
Sales Return and Allowances $25,800
Dividend Revenue
Loss due to Flood Damage $157,226
Bond Interest Expense
Operating Loss on Furniture Division
Selling Expenses $196,548 (net of tax)
Delivery Expenses $156,000
Foreign Exchange Gain
Administrative Salaries $271,369
Inventory December 01, 2021
Insurance Expense $72,000
$15,000
$34,200
$450,000
$51,000
$26,000
$15,000
$45,000
$658,470
$160,000
$26,750
$140,000
$750,000
$22,000
$62,500
$16,000
$51,300
$9,000
$75,000
Additional Information:
All the above accounts had their normal debit or credit balances. This is a partial Trial Balance, and therefore total debits and credits do not equal zero (0). The inventory balance at November 30, 2022, is $86,275. The company's income tax rate is 25%. Assume that all income items are fully taxable or deductible for income tax purposes. There are 120,000 ordinary shares outstanding.
Required:
Prepare a statement of Comprehensive Income for 2022 in good form, including the computation of the basic EPS.
