From the information given, prepare a November 30 balance sheet.
On November 1 of the current year, Lois Bell began Lois Bell, Interior Design as a corporation with an initial investment of $50,000 cash. On November 30 her records showed the following (alphabetically arranged) selected accounts and amounts:
Definitions:
Profit
The financial gain obtained when the revenue generated from a business activity exceeds the expenses, costs, and taxes associated with it.
Wholesale Price
The cost at which goods are sold to retailers by manufacturers or distributors before any retail markup.
Retail Price
The cost at which an item is sold to the general public by retailers.
Mark-up on Cost
The percent increase applied to the goods' cost price to cover overhead expenses and profit.
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