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I am completely stuck on the last two parts of this problem if anyone could help. Problem 3-04 The trial balance of Whispering Fashion Center
I am completely stuck on the last two parts of this problem if anyone could help.
Problem 3-04 The trial balance of Whispering Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. WHISPERING FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 Debit Credit Cash $33,150 Accounts Receivable 37,000 Inventory 48,300 Supplies 8,800 Equipment 139,600 Accumulated Depreciation-Equipment $26,300 Notes Payable 54,300 Accounts Payable 51,800 Common Stock 93,300 Retained Earnings 11,300 Sales Revenue 764,950 Sales Returns and Allowances 4,200 Cost of Goods Sold 495,400 Salaries and Wages Expense 138,600 Advertising Expense 27,550 Utilities Expenses 15,400 Maintenance and Repairs Expense 12,100 Delivery Expense 16,700 Rent Expense 25,150 Totals $1,001,950 $1,001,950 earch O a 6 3 BACK 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. 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.) No. Date Account Titles and Explanation Debit Credit 1 Nov. 307 TSupplies Expense 4000 Supplies 4000 2. Nov. 304 Depreciation Expense 16725 Accumulated Depreciati 16725 3. Nov. 304 Interest Expense 109901 ch Di a ? 8:28 PM 9/14/2020 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.) No. Date Account Titles and Explanation Debit Credit 1. Nov. 30 Supplies Expense 4000 Supplies 4000 2. Nov. 30 Depreciation Expense 16725 Accumulated Depreciati 16725 3. Nov. 30 Tinterest Expense 10990 Interest Payable 10990 SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again. Prepare an adjusted trial balance. WHISPERING FASHION CENTER Adicted Trind Dolano | Your answer is partially correct. Try again. Prepare an adjusted trial balance. WHISPERING FASHION CENTER Adjusted Trial Balance November 30, 2020 Debit Credit Cash 33150 > Accounts Receivable 37000 Inventory 48300 Supplies 4800 Notes Payable 54300 Accounts Payable 51800 Common Stock 93300 Retained Earnings 11300 rch a Retained Earnings 11300 Sales Revenue 764950 Sales Returns and Allowan 4200 Cost of Goods Sold 495400 Salaries and Wages Expen 138600 Advertising Expense 27550 Utilities Expenses 15400 Maintenance and Repairs 12100 Delivery Expense 16700 Rent Expense 25150 Supplies Expense 4000 Accumulated Depreciation 16725 Interest Expense 10990 Interest Payable 10990 Total 1029665 1029665 Prepare a multiple-step income statement for the year. (ignore income taxes) (Enter loss using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) WHISPERING FASHION CENTER Income Statement For the Year Ended November 30, 2020 Sales Revenue Sales Revenue 764950 Less Sales Returns and Allowan 4200 X Cost of Goods Sold 495400 0000 Gross Profit 265350 x Net Income / (Loss) Total Administrative Expenses Selling expenses Salaries and Wages Exr 41580 Advertising Expense 27550 Selling expenses Salaries and Wages ExF 41580 Advertising Expense 27550 Utilities Expenses 3080 Rent Expense 5030 Supplies Expense 4000 Depreciation Expense 16725 X Maintenance and Repai 12100 Ex Total Administrative Expenses 110065 Administrative expenses Ex arch o a 6 Total Aaministrative Expenses 110U Administrative expenses X MA X= 20120 x 146160 Total Selling Expenses 9125 Income from Operations Interest Expense 10990 Net Income / (Loss) (1865) Prepare a classified balance sheet as of November 30, 2020. (List current assets in order of liquidity.) WHISPERING FASHION CENTER Balance Sheet For the Year Ended November 30, 2020 Assets Current Assets Cash 33150 Accounts Receivable 37000 Inventory 48300 Supplies 4800 Total Current Assets 123250 X Intangible Assets > Equipment 139600 > Less Accumulated Depreciation- 43025 96575 Total Assets 219825 Club Liabilities and Stockholders' Equity Current Liabilities Accounts Payable 51800 Notes Payable 30000 > Interest Payable 10990 > Total Current Liabilities 92790 Long-term Liabilities Notes Payable 24300 X Total Long-term Liabilities 24300 Stockholders' Equity Common Stock 93300 Retained Earnings 9435 Total Stockholders' Equity 102735 Total Liabilities and Stockholders' Equity 219825 CALCULA PRINTER VERSION BACK . -.-- * Journalize the closing 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.) Debit Credit No. Date Account Titles and Explanation x Nov. 30 x X (To close accounts with credit balances.) X 2. Nov. 30 X X x x X x X x x X X 100 ILLULLU X (To close accounts with debit balances.) 3. Nov. 30 (To close accounts with debit balances.) X Nov. 30 (To close net income / (loss).) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Your answer is incorrect. Try again. epare a post-closing trial balance. WHISPERING FASHION CENTER Post-Closing Trial Balance Debit Credit PI U X IX SINUOJJU SU ISITMOHS XStep by Step Solution
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