Problem 5-05A a-e The trial balance of Bramble Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. Credit 28,400 BRAMBLE FASHION CENTER Trial Balance November 30, 2020 Debit Cash $ 21,100 Accounts Receivable Inventory 45,800 Supplies 6,200 Equipment 132,000 Accumulated Depreciation Equipment Notes Payable Accounts Payable Owner's Capital Owner's Drawings 12,000 Sales Revenue Sales Returns and Allowances 9,000 Cost of Goods Sold 497,000 Salaries and Wages Expense 139,600 Advertising Expense 24,400 Utilities Expense 13,600 Maintenance and Repairs Expense 12,000 Freight-out 16,600 Rent Expense 23,600 Totals 5981,300 $ 29,000 51,500 54,100 91,500 755,200 $981,300 Adjustment data: 1. Supplies on hand totaled $2,250, 2. Depreciation is $11,300 on the equipment. 3. Interest of $5,250 is accrued on notes payable at November 30. 4. Inventory actually on hand is $45,500. Complete the worksheet. BRAMBLE FASHION CENTER Worksheet Trial Balance Dr. Adjustments Dr. Cr Adj. Trial Balance Dr. Cr. Income Statement Dr. Balance Sheet Dr Cr Account Titles Cr. Cr. Cash $21,100 S $ $ $ $ $ $ $ Accounts Receivable 28,400 Inventory 45,800 Supplies 6,200 Equipment 132,000 Accum. Depreciation-Equipment 529,000 Notes Payable 51,500 Accounts Payable 54,100 Owner's Capital 91,500 Owner's Drawings 12,000 Sales Revenue 755,200 Sales Returns and Allowances 9,000 Cost of Goods Sold 497,000 Salaries and Wages Expense 139,600 Advertising Expense 24,400 Utilities Expense 13,600 Maintenance and Repairs Expense 12,000 Freight-Out 16,600 Rent Expense 23,600 Totals $981,300 5981,300 $981,300 Supplies Expense Depreciation Expense Interest Expense Interest Payable Totals S $ $ Net Loss Totals LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare a multiple-step income statement for the year. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) BRAMBLE FASHION CENTER Income Statement LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare 1 owner's equity statement for the year. BRAMBLE FASHION CENTER Owner's Equity Statement LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare a classified balance sheet as of November 30, 2019. Notes payable of $18,000 are due in January 2020. (List Current Assets in order of liquidity.) BRAMBLE FASHION CENTER Balance Sheet Assets Liabilities and Owner's Equity LINK TO TEXT LINK TO TEXT LINK TO TEXT Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 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) LINK TO TEXT LINK TO TEXT LINK TO TEXT Journalize the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov. 30 (To close accounts with credit balances) Nov. 30 (To close accounts with debit balances) Nov. 30 (To close net income / (loss)) Nov. 30 (To close drawings) LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare a post-closing trial balance. BRAMBLE FASHION CENTER Post-dosing Trial Balance Debit Credit $ Totals Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT LINK TO TEXT LINK TO TEXT
