Prepare a multiple-step income statement for the year. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses es. (45)) CHEYENNE FASHION CENTER Income Statement For the Year Ended November 30, 2020 Sales 8.80 Sales Returns and Allowances : 497.40 Cost of Goods Sold Gross Profit 249,00 Operating Expenses Operation Expenses Advertising Expense Salaries and Wapes Expense Utilities Expense Maintenance and Repairs Expense Freight-Out Rent Expense Interest Expense Depreciation Experte Sales Returns and Allowances 8,80 Less vi Cost of Goods Sold 497.40 Gross Profit 249,00 Operating Expenses Operating Expenses Advertising Expense --- Salaries and Wages Expense Utilities Expense Maintenance pnce and Repairs Expense Freight-Out Rent Expense Interest Expense Depreciation Expense $ The trial balance of Cheyenne Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. Credit CHEYENNE FASHION CENTER Trial Balance November 30, 2020 Debit Cash $ 21,200 Accounts Receivable 31,800 Inventory 42,200 Supplies 6,200 Equipment 133,000 Accumulated Depreciation-Equipment Notes Payable Accounts Payable Owner's Cabitat Owner's Drawings 13,000 Sales Revenue Sales Returns and Allowances 8.800 Cost of Goods Sold 497.400 Salaries and Wages Expense 139,800 Advertising Expense 24,500 Utilities Expense 13,500 Maintenance and Repairs Expense 12.100 Freight-out 16,600 Rent Expense 24,000 Totals $984,100 $ 27,000 52,000 57.900 92.000 755,200 $984,100 Adjustment data: 1. 2. 3. 4. Supplies on hand totaled $2,200 Depreciation is $11.250 on the equipment Interest of $4,350 is accrued on notes payable at November 30. Inventory actually on hand is $41.900. Adjustments Trial Balance Dr. Cr. Dr. Cr. Account Titles Cash $21,200 $ 31,800 i Accounts Receivable Inventory 42.200 Supplies 6,200 Equipment 133,000 $27,000 i Accum. Depreciation-Equipment Notes Payable 52,000 Accounts Payable 57,900 Owner's Capital 92,000 Owner's Drawings 13,000 i Sales Revenue 755,200 Sales Returns and Allowances 8,800 300 Cost of Goods Sold 497.400 Salaries and Wages Expense 139,800 Advertising Expense 24.500 Utilities Expense 13,500 12.100 Maintenance and Repairs Expense 16,600 Freight-Out an Owner's Capital 92.000 Owner's Drawings 13,000 Sales Revenue 755,200 Sales Returns and Allowances 8,800 497.400 300 Cost of Goods Sold 139,800 i Salaries and Wages Expense 24,500 i Advertising Expense Utilities Expense 13,500 i Maintenance and Repairs Expense 12.100 i Freight-Out 16,600 Rent Expense 24,000 i Totals $984,100 $984,100 4,000 Supplies Expense 11.250 Depreciation Expense 4,350 Interest Expense i Interest Payable $ 19.900 $ Totals Net Loss Totals MacBook Pro Adjustments Adj. Trial Balance Cr. Dr. Cr. $ $ 21,200 $ i $ i 31.800 300 41,900 i i 4,000 2.200 i i i 133,000 i i 11.250 38,250 i 52,000 57.900 i 92.000 13.000 i 755.200 8.800 300 497.700 139,800 i 24,500 i 13.500 1 12.100 16.000 11250 38,250 i 52,00 57,900 92,000 13.00 755,200 i 8,800 300 i 49,700 139,800 24,500 13,500 1210 16,600 2,000 AM) 4,00X) 11.20 11.20 4,30 4.0 10 $ 19A 09, 700 9 70 Income Statement Balance Sheet Dr. Cr. Dr. Cr. i $ 21,200 i 31,800 41,900 2.200 i 133.000 i i i 13,000 755,200 8,800 497,700 139,800 24,500 13.500 12.100 16,600 i i S i P2C 13,ONDO 755,200 8,800 497,700 139,800 24,500 13,500 12,100 1 AM) 14 (X) 4 ODA 125) 40 - 7 AM) M! AM, 10 W! , CA 7 ( _ _ Balance Sheet Dr. Cr. $ 21,200 $ No 31,800 41,900 i 2,200 133.000 38,250 i 52,000 57,900 92,000 i 13,000 i i 0.1471 92,000 13,000 i + | = | =) i 1 i . | | 2 II 1
