Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please show steps and work The trial balance of Waterway Fashion Center contained the following accounts at November 30, the end of the company's fiscal

Please show steps and work
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The trial balance of Waterway Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. Credit WATERWAY FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 Debit Cash $33,510 Accounts Receivable 37.240 Inventory 48.540 Supplies 9.040 Equipment 140,080 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 138,280 Advertising Expense 27.670 Utilities Expenses 15,720 Maintenance and Repairs Expense 12.100 Delivery Expense 16,700 Rent Expense 25.270 Totals $1,003,750 $26.540 54,540 52,040 93.540 11.540 765.550 $1.003 750 1. Adjustment data: Supplies on hand totaled $5,040. 2. Depreciation is $16,905 on the equipment 3. Interest of $11.880 is accrued on notes payable at November 30. Other data: 1. Salaries expense is 70% selling and 30% administrative. Rent expense and utilities expenses are 80% selling and 20% administrative $30,000 of notes payable are due for payment next year. Maintenance and repairs expense is 100% administrative 3. 4. Question 4 of 5 -736 WATERWAY FASHION CENTER Adjusted Trial Balance November 30, 2020 Debit v Credit Total WATERWAY FASHION CENTER Income Statement For the Year Ended November 30, 2020 > C Prepare retained earnings statement for the year. WATERWAY FASHION CENTER Retained Earnings Statement For the Year Ended November 30, 2020 $ e Textbook and Media List of Accounts Prepare a classified balance sheet as of November 30, 2020. (List current assets in order of liquidity) WATERWAY FASHION CENTER Balance Sheet November 30, 2020 Assets $ $ Liabilities and Stockholders' Equity Prepare a post-closing trial balance WATERWAY FASHION CENTER Post-Closing Trial Balance November 30, 2020 Debit Credit

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_2

Step: 3

blur-text-image_3

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

The Development Of The American Public Accounting Profession

Authors: T.A. Lee

1st Edition

0415403944, 9780415403948

More Books

Students also viewed these Accounting questions

Question

What is the purpose of a customized benefits plan?

Answered: 1 week ago

Question

What are topics included within employee services?

Answered: 1 week ago