Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please answer, will give thumbs up I need the balance sheet Journalize closing entries and post closing trial balance :) Credit TRIAL BALANCE NOVEMBER 30,

Please answer, will give thumbs up
I need the balance sheet
Journalize closing entries and
post closing trial balance :)
image text in transcribed
image text in transcribed
image text in transcribed
Credit TRIAL BALANCE NOVEMBER 30, 2020 Debit Cash $33,230 Accounts Receivable 37.030 Inventory 48,330 Supplies 8,830 Equipment 139,660 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 138,560 Advertising Expense 27.600 Utilities Expenses 15,440 Maintenance and Repairs Expense 12.100 Delivery Expense 16,700 Rent Expense 25.200 Totals $1.002,280 $26,400 54,330 51,830 93,330 11,330 765,060 $1,002.280 Adjustment data 1 2. Supplies on hand totaled $4.830. Depreciation is $16.800 on the equipment. Interest of $11360 is accrued on notes payable at November 30, Other data 1 2. 13 Salaries expense is 70% selling and 30% administrative, Rent expense and utilities expenses are 80% selling and 2016 administrative $30,000 of notes payable are due tor payment next year Maintenance and repairs expense is 100% ministrative. 4. Requirement Adjusted Trail Balance Worksheet November 30, 2020 Trial Balance Account Titles Adjustments Adjusted Trial Balance Dr. Cr. Dr. CH Dr. Cash $ 33,230 $ 33,230 S Accounts Receivables 37,030 $ 37,030$ Inventory $ 48,330 5 48,330 $ Supplies $ 8,830 $ 4,000 $ 4,830$ Equipment $ 139,660 $ 139,660$ Accumulated Depreciation - Equipment $ 26,400 $ 16,800 $ $ 43,200 Notes Payable $ 54,330 s $ 54,330 Accounts Payables $ 51,830 $ $ 51,830 Interest Payables $ 11,360 $ $ Common Stock 11,360 $ 93,330 $ $ Retained Earnings 93,330 $ 11,330 $ $ 11,330 Sales Revenue $ 765,060 5 $ 765,060 Sales Returns and Allowances 4,200 $ 4,200 $ Cost of goods sold $ 495,400 $ 495,400S Salaries and Wages Expense $ 138,560 $ 138,560 $ Advertising Expense 27,600 $ 27,600 S Depreciation Expense $ 16,800 $ 16,800 5 Utilities Expense $ 15,440 $ 15,440$ Maintenance and Repairs Expense $ 12,100 $ 12,100 $ Delivery Expense $ 16,700 $ 16,700$ Supplies Expense $ 4,000 $ 4,000 $ Interest Expense $ 11,360 $ 11,360 5 Rent Expense $ 25,200 $ 25,200 $ Totals $ 1,002,280 $ 1,002,280 S 32,1605 32,160 $ 1,030,440 $ 1,030,440 Requirement Income Statement Income Statement For the Year Ended November 30, 2020 Particulars $ $ Sales Revenue : Sales Revenue s 765,060 Less : Sales Returns and Allowances $ 4,200 Net Sales $ 760,850 Less : Cost of Goods Sold $ 495,400 Gross Profit $ 265,460 Operating Expenses : Selling Expenses : Salaries and Wages Expenses $ 96,992 Advertising Expense $ 27,600 Utilities Expense $ 12,352 Delivery Expense $ 16,700 Rent Expense $ 20,160 Supplies Expense $ 4,000 Depreciation Expense $ 16,800 Total Selling Expenses $ 194,604 Administrative Expenses : Salaries and Wages Expenses $ 41,568 Utilities Expense $ 3,085 Maintenance and Repairs Expenses $ 12,100 Rent Expense $ 5,040 Total Administrative Expenses $ 61,796 Total Operating Expenses $ 256,400 Income from Operations $ Other Expenses and losses: Interest Expense $ 11 360 Net Income /(Loss) $ (2300) 9,060 UNILE SUCCE November 30, 2020 Current Assets Assets Cash Accounts Receivable 33230 37030 Inventory 48330 Supplies 4830 Total Current Assets Property Plant and Equipment $ Equipment 139660 Less : Accumulated Depreciation Equipment 43200 Total Assets Liabilities and Stockholders' Equity Current Liabilities Notes Payable Accounts Payable Interest Payable Total Current Liabilities $ Long-term Liabilities Notes Payable Total Liabilities Stockholders Equity Common Stock 93330 Retained Earnibes 9030 Total Stockholders Equity Totalt and cuckholders Equity

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer

12th Edition

9780073526706

Students also viewed these Accounting questions