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TRIAL BALANCE NOVEMBER 30, 2017 Debit Credit Cash $33,150 37,000 48,300 8,800 139,600 Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Sales Revenue Sales Returns and Allowances Cost of Goods Sold Salaries and Wages Expense Advertising Expense Utilities Expenses Maintenance and Repairs Expense Delivery Expense Rent Expense Totals $26,300 54,300 51,800 93,300 11,300 764,950 4,200 495,400 138,600 27,550 15,400 12,100 16,700 25,150 $1,001,950 $1,001,950 Adjustment data: 1. Supplies on hand totaled $4,800. 2. Depreciation is $16,725 on the equipment. 3. Interest of $10,990 is accrued on notes payable at November 30. Other data: 1. Salaries expense is 70% selling and 30% administrative. 2. Rent expense and utilities expenses are 80% selling and 20% administrative. 3. $30,000 of notes payable are due for payment next year. 4. Maintenance and repairs expense is 100% administrative. Prepare a multiple-step income statement for the year. (Enter loss using either a negative sin preceding the number NOVAK FASHION CENTER Income Statement For the Year Ended November 30, 2017 Sales Revenue LO Not Sale Selling expun IU HOW TOE ACCOUNTS NOVAK FASHION CENTER Prepare a desfied balance sheets of November 30, 2017. (List current assets in order of liquidity.) NOVAK FASHION CENTER Balance Sheet Assets Liabilities and Stockholders' Equity Journalize the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. No. Date Account Titles and Explanation Debit Credit 1. Nov. 30 (To close accounts with credit balances.) 2. Nov. 30 (To close accounts with debit balances.) 3. Nov. 30 (To close net income/ (loss).) Prepare a post-closing trial balance. NOVAK FASHION CENTER Post-Closing Trial Balance November 30, 2017 Debit Credit Click if you would like to Show Work for this question: Open Show Work