he trial balance of Valdez Fashion Center contained the following accounts at November 30, the end of the companys fiscal year.

VALDEZ FASHION CENTER Trial Balance November 30, 2015

Debit

Credit

Cash

$ 9,040

Accounts Receivable

31,340

Inventory

42,050

Supplies

6,190

Equipment

131,300

Accumulated DepreciationEquipment

$ 26,970

Notes Payable

51,000

Accounts Payable

41,390

Common Stock

52,510

Retained Earnings

41,610

Dividends

12,160

Sales Revenue

755,300

Sales Returns and Allowances

8,830

Cost of Goods Sold

497,400

Salaries and Wages Expense

139,700

Advertising Expense

24,380

Utilities Expense

13,880

Maintenance and Repairs Expense

11,970

Freight-Out

16,550

Rent Expense

23,990

Totals

$968,780

$968,780

Adjustment data:

1.

Supplies on hand totaled $2,110.

2.

Depreciation is $11,400 on the equipment.

3.

Interest of $4,720 is accrued on notes payable at November 30.

4.

Inventory actually on hand is $41,750.

Enter the trial balance on a worksheet, and complete the worksheet.

VALDEZ FASHION CENTER Worksheet For the Year Ended November 30, 2015

Account Titles

Trial Balance

Adjustments

Adj. Trial Balance

Income Statement

Balance Sheet

Dr.

Cr.

Dr.

Cr.

Dr.

Cr.

Dr.

Cr.

Dr.

Cr.

Cash

9,040

[Image]

[Image]

[Image]

[Image]

[Image]

[Image]

[Image]

[Image]

Accounts Receivable

31,340

[Image]

[Image]

[Image]

[Image]

[Image]

[Image]

[Image]

[Image]

Inventory

42,050

[Image]

[Image]

[Image]

[Image]

[Image]

[Image]

[Image]

[Image]

Supplies

6,190

[Image]

[Image]

[Image]

[Image]

[Image]

[Image]

[Image]

[Image]

Equipment

131,300

[Image]

[Image]

[Image]

[Image]

[Image]

[Image]

[Image]

[Image]

Accum. DepreciationEquipment

26,970

[Image]

[Image]

[Image]

[Image]

[Image]

[Image]

[Image]

[Image]

Notes Payable

51,000

[Image]

[Image]

[Image]

[Image]

[Image]

[Image]

[Image]

[Image]

Accounts Payable

41,390

[Image]

[Image]

[Image]

[Image]

[Image]

[Image]

[Image]

[Image]

Common Stock

52,510

[Image]

[Image]

[Image]

[Image]

[Image]

[Image]

[Image]

[Image]

Retained Earnings

41,610

[Image]

[Image]

[Image]

[Image]

[Image]

[Image]

[Image]

[Image]

Dividends

12,160

[Image]

[Image]

[Image]

[Image]

[Image]

[Image]

[Image]

[Image]

Sales Revenue

755,300

[Image]

[Image]

[Image]

[Image]

[Image]

[Image]

[Image]

[Image]

Sales Returns and Allowances

8,830

[Image]

[Image]

[Image]

[Image]

Cost of Goods Sold

497,400

Salaries and Wages Expense

139,700

Advertising Expense

24,380

Utilities Expense

13,880

Maintenance and Repairs Expense

11,970

Freight-Out

16,550

Rent Expense

23,990

Totals

968,780

968,780

Supplies Expense

Depreciation Expense

Interest Expense

Interest Payable

Totals

Net Loss

Totals

Prepare a multiple-step income statement for the year.

VALDEZ FASHION CENTER Income Statement For the Year Ended November 30, 2015

[Image]

Dividends

Net Income / (Loss)

Retained Earnings, December 1, 2014

Retained Earnings, November 30, 2015

Sales

Total Revenues

Net Sales

Gross Profit

Operating Expenses

Total Operating Expenses

Income from Operations

Other Expenses and Losses

[Image]

$

[Image] [Image]

Add

Less

:

[Image]

[Image] [Image]

Dividends

Net Income / (Loss)

Retained Earnings, December 1, 2014

Retained Earnings, November 30, 2015

Sales

Total Revenues

Net Sales

Gross Profit

Operating Expenses

Total Operating Expenses

Income from Operations

Other Expenses and Losses

[Image] [Image]

[Image] [Image]

Dividends

Net Income / (Loss)

Retained Earnings, December 1, 2014

Retained Earnings, November 30, 2015

Sales

Total Revenues

Net Sales

Gross Profit

Operating Expenses

Total Operating Expenses

Income from Operations

Other Expenses and Losses

[Image] [Image]

Dividends

Net Income / (Loss)

Retained Earnings, December 1, 2014

Retained Earnings, November 30, 2015

Sales

Total Revenues

Net Sales

Gross Profit

Operating Expenses

Total Operating Expenses

Income from Operations

Other Expenses and Losses

[Image]

$

[Image]

[Image] [Image]

[Image] [Image]

[Image] [Image]

[Image] [Image]

[Image] [Image]

[Image] [Image]

[Image] [Image]

[Image]

Dividends

Net Income / (Loss)

Retained Earnings, December 1, 2014

Retained Earnings, November 30, 2015

Sales

Total Revenues

Net Sales

Gross Profit

Operating Expenses

Total Operating Expenses

Income from Operations

Other Expenses and Losses

[Image] [Image]

Dividends

Net Income / (Loss)

Retained Earnings, December 1, 2014

Retained Earnings, November 30, 2015

Sales

Total Revenues

Net Sales

Gross Profit

Operating Expenses

Total Operating Expenses

Income from Operations

Other Expenses and Losses

[Image] [Image]

Dividends

Net Income / (Loss)

Retained Earnings, December 1, 2014

Retained Earnings, November 30, 2015

Sales

Total Revenues

Net Sales

Gross Profit

Operating Expenses

Total Operating Expenses

Income from Operations

Other Expenses and Losses

[Image]

[Image] [Image]

Dividends

Net Income / (Loss)

Retained Earnings, December 1, 2014

Retained Earnings, November 30, 2015

Sales

Total Revenues

Net Sales

Gross Profit

Operating Expenses

Total Operating Expenses

Income from Operations

Other Expenses and Losses

$

[Image]

repare an retained earnings statement for the year. (List items that increase retained earnings first.)

VALDEZ FASHION CENTER Retained Earnings Statement For the Year Ended November 30, 2015

[Image]

Dividends

Expenses

Net Income / (Loss)

Retained Earnings, December 1, 2014

Retained Earnings, November 30, 2015

Revenue

Total Expenses

Total Revenues

$

[Image] [Image]

Add

Less

:

[Image]

Dividends

Expenses

Net Income / (Loss)

Retained Earnings, December 1, 2014

Retained Earnings, November 30, 2015

Revenue

Total Expenses

Total Revenues

$

[Image]

[Image]

Dividends

Expenses

Net Income / (Loss)

Retained Earnings, December 1, 2014

Retained Earnings, November 30, 2015

Revenue

Total Expenses

Total Revenues

[Image]

[Image] [Image]

Dividends

Expenses

Net Income / (Loss)

Retained Earnings, December 1, 2014

Retained Earnings, November 30, 2015

Revenue

Total Expenses

Total Revenues

$

[Image]

Liabilities and Stockholders' Equity

[Image]

Current Assets

Current Liabilities

Intangible Assets

Long-term Investments

Long-term Liabilities

Property, Plant and Equipment

Stockholders' Equity

Total Assets

Total Current Assets

Total Current Liabilities

Total Intangible Assets

Total Liabilities

Total Liabilities and Stockholders' Equity

Total Long-term Investments

Total Long-term Liabilities

Total Property, Plant and Equipment

Total Stockholders' Equity

[Image]

$

[Image]

[Image]

[Image]

[Image]

[Image]

[Image]

Current Assets

Current Liabilities

Intangible Assets

Long-term Investments

Long-term Liabilities

Property, Plant and Equipment

Stockholders' Equity

Total Assets

Total Current Assets

Total Current Liabilities

Total Intangible Assets

Total Liabilities

Total Liabilities and Stockholders' Equity

Total Long-term Investments

Total Long-term Liabilities

Total Property, Plant and Equipment

Total Stockholders' Equity

$

[Image]

[Image]

Current Assets

Current Liabilities

Intangible Assets

Long-term Investments

Long-term Liabilities

Property, Plant and Equipment

Stockholders' Equity

Total Assets

Total Current Assets

Total Current Liabilities

Total Intangible Assets

Total Liabilities

Total Liabilities and Stockholders' Equity

Total Long-term Investments

Total Long-term Liabilities

Total Property, Plant and Equipment

Total Stockholders' Equity

[Image]

[Image]

[Image]

Current Assets

Current Liabilities

Intangible Assets

Long-term Investments

Long-term Liabilities

Property, Plant and Equipment

Stockholders' Equity

Total Assets

Total Current Assets

Total Current Liabilities

Total Intangible Assets

Total Liabilities

Total Liabilities and Stockholders' Equity

Total Long-term Investments

Total Long-term Liabilities

Total Property, Plant and Equipment

Total Stockholders' Equity

[Image]

[Image]

Current Assets

Current Liabilities

Intangible Assets

Long-term Investments

Long-term Liabilities

Property, Plant and Equipment

Stockholders' Equity

Total Assets

Total Current Assets

Total Current Liabilities

Total Intangible Assets

Total Liabilities

Total Liabilities and Stockholders' Equity

Total Long-term Investments

Total Long-term Liabilities

Total Property, Plant and Equipment

Total Stockholders' Equity

[Image]

[Image]

[Image]

[Image]

[Image]

Current Assets

Current Liabilities

Intangible Assets

Long-term Investments

Long-term Liabilities

Property, Plant and Equipment

Stockholders' Equity

Total Assets

Total Current Assets

Total Current Liabilities

Total Intangible Assets

Total Liabilities

Total Liabilities and Stockholders' Equity

Total Long-term Investments

Total Long-term Liabilities

Total Property, Plant and Equipment

Total Stockholders' Equity

[Image]

[Image]

Current Assets

Current Liabilities

Intangible Assets

Long-term Investments

Long-term Liabilities

Property, Plant and Equipment

Stockholders' Equity

Total Assets

Total Current Assets

Total Current Liabilities

Total Intangible Assets

Total Liabilities

Total Liabilities and Stockholders' Equity

Total Long-term Investments

Total Long-term Liabilities

Total Property, Plant and Equipment

Total Stockholders' Equity

$

[Image]

Journalize the adjusting 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

[Image] [Image] [Image]

[Image] [Image] [Image]

(To adjust supplies expense)

2.

Nov. 30

[Image] [Image] [Image]

[Image] [Image] [Image]

(To adjust depreciation on equipment)

3.

Nov. 30

[Image] [Image] [Image]

[Image] [Image] [Image]

(To adjust interest expense)

4.

Nov. 30

[Image] [Image] [Image]

[Image] [Image] [Image]

(To adjust merchandise inventory)

Journalize the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Nov. 30

[Image] [Image] [Image]

[Image] [Image] [Image]

(To close accounts with credit balances)

Nov. 30

[Image] [Image] [Image]

[Image] [Image] [Image]

[Image] [Image] [Image]

[Image] [Image] [Image]

[Image] [Image] [Image]

[Image] [Image] [Image]

[Image] [Image] [Image]

[Image] [Image] [Image]

[Image] [Image] [Image]

[Image] [Image] [Image]

[Image] [Image] [Image]

[Image] [Image] [Image]

(To close accounts with debit balances)

Nov. 30

[Image] [Image] [Image]

[Image] [Image] [Image]

(To close net income / (loss))

Nov. 30

[Image] [Image] [Image]

[Image] [Image] [Image]

(To close dividends)

Prepare a post-closing trial balance.

VALDEZ FASHION CENTER Post-Closing Trial Balance November 30, 2015

Debit

Credit

[Image]

$

[Image]

$

[Image] [Image] [Image] [Image] [Image] [Image] [Image] [Image] [Image] [Image] [Image] [Image] [Image] [Image] [Image] [Image] [Image] [Image] [Image] [Image] [Image] [Image] [Image] [Image] [Image] [Image] [Image] [Image] [Image] [Image] [Image]

$

[Image]

$

[Image]