Problem 5-05A a, b1-b3, ce (Part Level Submission) (Video) The trial balance of Larkspur, Inc. contained the following accounts at November 30, the end of the company's fiscal year. Larkspur, Inc. Trial Balance November 30, 2020 Credit Debit $ 8,000 29,800 44,500 6,100 130,000 Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Dividends Sales Revenue Sales Returns and Allowances Cost of Goods Sold Salaries and Wages Expense Advertising Expense Utilities Expense $ 25,000 51,500 39,200 55,000 40,000 11,000 755,200 9,000 497,500 139,900 24,300 13,600 139,200 55,000 40,000 11,000 755,200 Accounts Payable Common Stock Retained Earnings Dividends Sales Revenue Sales Returns and Allowances Cost of Goods Sold Salaries and Wages Expense Advertising Expense Utilities Expense Maintenance and Repairs Expense Freight-Out Rent Expense Totals 9,000 497,500 139,900 24,300 13,600 11,600 16,800 23,800 $965,900 $965,900 Adjustment data: 1. Supplies on hand totaled $2,100. 2. Depreciation is $13,000 on the equipment. 3. Interest of $4,000 is accrued on notes payable at November 30. 4. Inventory actually on hand is $43,800, (a) Larkspur, Inc. Income Statement For the Year Ended November 30, 2020 Sales | Sales Revenue 755200 Less Sales Returns and Allowances 9000 Net Sales 746200 cost of Goods Sold 498200 TGross Profit 248000 Operating Expenses TSalaries and Wages Expense 139900 Advertising Expense REPEPE JLJUJU 24300 Utilities Expense nse 13600 uintanananandoansina cum $ Advertising Expense 24300 UP Utilities Expense 13600 Maintenance and Repairs Expense 11600 Freight-Out 16800 Rent Expense 23800 | Supplies Expense 4000 Depreciation Expense 4000 Total operating Expenses 251000 Retained Earnings, December 1, 2018 13000 Other Expenses and Losses Interest Expense 4000 3000 Net Income / (Loss) Total Operating Expenses 251000 Retained Earnings, December 1, 2018 13000 Other Expenses and Losses Interest Expense ense 4000 Net Income / (LOSS) 3000 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT LINK TO TEXT LINK TO TEXT Assets Current Assets Cash 8000 T Accounts Receivable 29800 Inventory 43800 Supplies 2100 T Total Current Assets 83700 Property, plant and Equipment | Equipment T 130000 Less Accumulated Depreciation Equipment T 38000 T 92000 Total Assets 175700 Liabilities and Stockholders' Equity Current Liabilities No. Date Account Titles and Explanation Debit Credit 1. Nov. 30 (To adjust supplies expense) 2. Nov. 30 (To adjust depreciation on equipment) 3. Nov. 30 (To adjust interest expense) 4. Nov. 30 (To adjust merchandise inventory) Click if you would like to Show Work for this question: Open Show Work