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Problem 5-5A (Part Level Submission) The trial balance of Valdez Fashion Center contained the following accounts at November Credit VALDEZ FASHION CENTER Trial Balance November 30, 2015 Debit Cash $ 8,700 Accounts Receivable 30,850 Inventory 45,880 Supplies 6,120 Equipment 133,400 Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Dividends 12,900 Sales Revenue Sales Returns and Allowances 8,830 Cost of Goods Sold 497,000 Salaries and Wages Expense 139,900 Advertising Expense 24,190 Utilities Expense 13,630 Maintenance and Repairs Expense 12,170 Freight-Out 16,490 Rent Expense 23,940 Totals $974,000 $ 28,730 50,000 44,220 51,060 43,990 756,000 $974,000 Adjustment data: 1. Supplies on hand totaled $2,100. 2. Depreciation is $11,500 on the equipment. 3. Interest of $5,130 is accrued on notes payable at November 30. 4. Inventory actually on hand is $45,480. (a) M Your answer is correct. Enter the trial balance on a worksheet, and complete the worksheet. eygandtFinancial ACE LUS Help System Announcements RCES Level Level (61) Prepare a multiple-step Income statement for the year. 1 VALDEZ FASHION CENTER Income Statement For the Year Ended November 30, 2015 Retained Earnings, November 30, 2015 Sales Revenue Study Less Sales Returns and Allowan Net Sales Cost of Goods Sold Gross Profit Other Expenses and Losses Salaries and Wages Expen Advertising Expense Utilities Expense Maintenance and Repairs Freight-out Rent Expense Supplies Expense Depreciation Expense Net Income / (Loss) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT (62)