CONCORD FASHION CENTER Adjusted Trial Balance November 30, 2020 Debit Credit Cash 32880 Accounts Receivable 36820 Inventory 48120 Supplies 4620 Equipment 139240 Accumulated Depreciation Equipment 42710 Notes Payable 54120 Accounts Payable 51620 Common Stock 93120 Retained Earnings 11,120 Sales Revenue 764,500 Interest Payable 11470 Sales Returns and Allowances 4200 Cost of Goods Sold 495,400 Salaries and Wages Expense 138840 Advertising Expense 27,460 Utilities Expenses 15160 Maintenance and Repairs Expense 12,100 Delivery Expense 16700 Rent Expense 25060 Interest Expense 11470 Supplies Expense 4000 Depreciation Expense 16590 Total 1028660 $ 1028660 CONCORD FASHION CENTER Income Statement For the Year Ended November 30, 2020 A Sales Revenue Sales 764500 Less : Sales Returns and Allowances 4200 i Net Sales 760300 Cost of Goods Sold 495400 Gross Profit 264900 . Operating Expenses Selling expenses | Salaries and Wages Expense 97188 i Rent Expense 20048 i Utilities Expenses 12128 Advertising Expense 27460 i Delivery Expense 16700 i Supplies Expense 4000 i Depreciation Expense 16590 i 194114 i Total Selling Expenses Administrative expenses Salaries and Wages Expense 41652 i Utilities Expenses 3032 i Maintenance and Repairs Expense 12100 Rent Expense 5012 i Total Administrative Expenses 61796 i Total Operating Expenses 255910 i Income from Operations 8990 Other Expenses and Losses 11470 i Interest Expense Net Income /(Loss) -2480 CONCORD FASHION CENTER Retained Earnings Statement For the Year Ended November 30, 2020 A Retained Earnings, December 1, 2019 11,120 -2480 Less 9): Net Income / (Loss) Retained Earnings, November 30, 2020 A 8640 Prepare a classified balance sheet as of November 30, 2020. (List current assets in order of liquidity.) CONCORD FASHION CENTER Balance Sheet November 30, 2020 Assets Current Assets Cash 32880 Accounts Receivable 36820 Inventory 48120 Supplies 4620 Total Current Assets 122440 Property, plant and Equipment 96530 Equipment 139240 Less $): Accumulated Depreciation-Equipment 42710 i Total Assets Liabilities and Stockholders' Equity Current Liabilities 218970 Notes Payable 30000 Accounts Payable 51620 Interest Payable 11470 Total Current Liabilities 93090 Long-term Liabilities Notes Payable 24120 Total Liabilities 117210 Stockholders' Equity Common Stock 93120 Retained Earnings 8640 Total Stockholders' Equity 101760 Total Liabilities and Stockholders' Equity 218970 Debit Credit No. Date Account Titles and Explanation 1. Nov. 30 Sales Revenue Income Summary (To close accounts with credit balances.) 2. Nov. 30 Income Summary Salaries and Wages Expense Rent Expense Utilities Expenses Advertising Expense Delivery Expense Supplies Depreciation Expense Maintenance and Repairs Expense Cost of Goods Sold Sales Returns and Allowances (To close accounts with debit balances.) 3. Nov. 30 (To close net income / (loss).) Your answer is correct. Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Debit Credit No. Date Account Titles and Explanation 1. Nov. 30 Supplies Expense 4000 Supplies 4000 2. Nov. 30 Depreciation Expense 16590 Accumulated Depreciation-Equipment 16590 3. Nov. 30 Interest Expense 11470 Interest Payable 11470 The trial balance of Concord Fashion Center contained the following accounts at November 30, the end year. Credit CONCORD FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 Debit Cash $32,880 Accounts Receivable 36,820 Inventory 48,120 Supplies 8,620 Equipment 139,240 Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Sales Revenue Sales Returns and Allowances 4,200 Cost of Goods Sold 495,400 Salaries and Wages Expense 138,840 Advertising Expense 27,460 Utilities Expenses 15,160 Maintenance and Repairs Expense 12,100 Delivery Expense 16,700 Rent Expense 25,060 Totals $1,000,600 $26,120 54,120 51,620 93,120 11,120 764,500 $1,000,600 Adjustment data: 1. Supplies on hand totaled $4,620. 2. Depreciation is $16,590 on the equipment. 3. Interest of $11,470 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