*Problem 5-05A a-e The trial balance of Sarasota Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. Credit SARASOTA FASHION CENTER Trial Balance November 30, 2020 Debit Cash $ 20,000 Accounts Receivable 30,800 Inventory 44,900 Supplies 6,200 Equipment 133,000 Accumulated Depreciation Equipment Notes Payable Accounts Payable Owner's Capital Owner's Drawings 13,500 Sales Revenue Sales Returns and Allowances 8,700 Cost of Goods Sold 497,100 Salaries and Wages Expense 139,500 Advertising Expense 24,100 Utilities Expense 13,600 Maintenance and Repairs Expense 12,200 Freight-out 16,500 Rent Expense 23,500 Totals $983,600 $ 27,000 51,500 61,200 88,500 755,400 $983,600 Adjustment data: 1. Supplies on hand totaled $2,250. 2. Depreciation is $11,400 on the equipment. 3. Interest of $5,950 is accrued on notes payable at November 30. 4. Inventory actually on hand is $44,600. Trial Balance SARASOTA FASHION CENTER Worksheet For the Year Ended November 30, 2020 Adjustments Adj. Trial Balance Dr Cr. Dr. Cr. VI S200000 Income Statement Balance Sheet Account Titles Dr. Cr. Dr. Dr. Cr. Cr. IVE Cash $20,000 320000 Accounts Receivable 30,800 T30800) T30800) Inventory 44,900 T300 144600) VI 12250 1746001 v 122501 Supplies 6,200 139501 Equipment 133,000 T133000 1133000 Accum. Depreciation- Equipment $27,000 (11400 1384000 1384001 Notes Payable 51,500 T515001 (51500 Accounts Payable 61,200 T612001 61200 V Owner's Capital 88,500 188500 188500 VI Owner's Drawings 13,500 13500 Sales Revenue 755,400 Peoppa 1755400 1755400 Sales Returns and Allowances 8,700 187000 fiff forced 18700 Cost of Goods Sold 497,100 14974000 1497400 Salaries and Wages Expense 139,500 139500 1395001 Advertising Expense 24,100 124100 Utilities Expense 13,600 [13600 124100 TV Ti3600 V T12200 Maintenance and Repairs Expense 12,200 12200 | lis | 10 16,500 116500 T16500 Freight-Out Rent Expense 23,500 GUTS. 123500 [23500 Totals $983,600 $983,600 13950 V 13950 V 139501 Supplies Expense Depreciation Expense -- T114000 [11400) T11400 Interest Expense 159501 L 15950 159501 Interest Payable n 15950) 15950) 159500 Totals = 21600 $21600 s1000950) s1000950) 17568001 1755400 12455500 T244150 V T14000 Net Loss T1400 Totals 3756800 $756800 3245550|| $2455500 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).) SARASOTA FASHION CENTER Income Statement For the Year Ended November 30, 2020 TSales TSales Revenue $1755400) Less). Sales Returns and Allowances T-8700 Net Sales 17467001 TCost of Goods Sold) T497400 Gross Profit 7249300) TOperating Expenses TSalaries and Wages Expense 139500 123500 [13600 Rent Expense TUtilities Expense TAdvertising Expense Maintenance and Repairs Expense Freight-Out 124100) T12200 T16500 Depreciation Expense Ti 1400 TSupplies Expense 13950) Total Operating Expenses 1244750 14550 X Income from Operations Owners Capital, N TInterest Expense 7-5950 Net Income / (Loss $T-1400 Prepare an owner's equity statement for the year. SARASOTA FASHION CENTER Owner's Equity Statement For the Year Ended November 30, 2020 TOwner's Capital, December 1, 2019 188500) Less): TNet Income / (Loss) ST-1400 Drawings 87100 -13500 Owner's Capital, November 30, 2020 5173600 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.) SARASOTA FASHION CENTER Balance Sheet November 30, 2020 Assets Current Assets Cash S120000 TAccounts Receivable 130800) Inventory 144600) TSupplies 72250 Total Current Assets $197650) Current Liabilities Equipment 133000l Less. Accumulated Depreciation Equipment T-38400 194600 TTotal Assets $1192250 Liabilities and Owner's Equity Current Liabilities Notes Payable 51500 TAccounts Payable T612001 TInterest Payable 15950) TTotal Current Liabilities 118650 x Total Liabilities Owner's Capital 73600 Towner's Equity 73600 Total Current Assets Owner's Drawings 192250 1 $1192250 Total Liabilities and Owner's Equity