Prepare a classified balance sheet as of november

Reference no: EM131018239

VALDEZ FASHION CENTER Trial Balance November 30, 2014
	Debit	Credit
Cash	$ 8,240
Accounts Receivable	30,700
Inventory	45,050
Supplies	6,150
Equipment	131,500
Accumulated Depreciation—Equipment		$ 27,620
Notes Payable		52,000
Accounts Payable		44,490
Owner’s Capital		90,660
Owner’s Drawings	13,030
Sales Revenue		755,800
Sales Returns and Allowances	8,840
Cost of Goods Sold	497,300
Salaries and Wages Expense	139,500
Advertising Expense	24,080
Utilities Expense	13,730
Maintenance and Repairs Expense	12,080
Freight-out	16,730
Rent Expense	23,640
Totals	$970,570	$970,570

Adjustment data:

1.		Supplies on hand totaled $2,230.
2.		Depreciation is $11,200 on the equipment.
3.		Interest of $5,580 is accrued on notes payable at November 30.
4.		Inventory actually on hand is $44,850.

A)Complete the worksheet.

VALDEZ FASHION CENTER
Worksheet
For the Year Ended November 30, 2014

Account Titles

Trial Balance

Adjustments

Adj. Trial Balance

Income Statement

Balance Sheet

Dr.

Cr.

Dr.

Cr.

Dr.

Cr.

Dr.

Cr.

Dr.

Cr.

Cash

8,240

Accounts Receivable

30,700

Inventory

45,050

Supplies

6,150

Equipment

131,500

Accum. Depreciation—Equipment

27,620

Notes Payable

52,000

Accounts Payable

44,490

Owner’s Capital

90,660

Owner’s Drawings

13,030

Sales Revenue

755,800

Sales Returns and Allowances

8,840

Cost of Goods Sold

497,300

Salaries and Wages Expense

139,500

Advertising Expense

24,080

Utilities Expense

13,730

Maintenance and Repairs Expense

12,080

Freight-out

16,730

Rent Expense

23,640

Totals

970,570

Supplies Expense

Depreciation Expense

Interest Expense

Interest Payable

Totals

Net Loss

Totals

B) Prepare a multiple-step income statement for the year and an owner's equity statement

C) Prepare a classified balance sheet as of November 30, 2014. Notes payable of $18,260 are due in January 2015.

D) Journalize the adjusting entries

E) Prepare a post-closing trial balance

Reference no: EM131018239

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