Kate Spade Co

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Kate Spade Co. is a barrel bag retailer founded in January 2003 by Kate and Andy Spade. The Barrel Bag is a cylindrical bag with barrel-shaped compartments. Popular amongst athletes for their versatile carry options whether handheld or on the shoulder body, The Barrel Bag is typically made with cloth like materials. The company uses the perpetual inventory system. The account balances for Kate Spade Co. as of December 1, 2020, are as follows: 110 Cash 60,640 111 Notes Receivable 20,000 112 Accounts Receivable 124,880 113 Allowance for Doubtful Accounts 10,400 115 Merchandise Inventory 252,800 116 Prepaid Insurance 15,000 117 Store Supplies 10,200 123 Store Equipment 417,200 124 Accumulated Depreciation-Store Equipment 50,400 210 Accounts Payable 73,800 211 Salaries Payable - 219 Income Tax Payable - 310 Share Capital 400,000 311 Retained Earnings 67,520 - 411 Sales Returns and Allowances 82,400 412 Sales Discounts 52,800 521 Advertising Expense 72,000 522 Depreciation Expense - 523 Store Supplies Expense - 524 Provision for Doubtful Accounts - 525 Rent Expense 74,400 526 Insurance Expense 15,600 529 Miscellaneous Expense 17,800 530 Provision for Income tax 74,400 611 Interest Revenue 1,000