*Problem 5-5A (Part Level Submission) The trial balance of Valdez Fashion Center contained the following accounts at November 30, the end of the company's fiscal year VALDEZ FASHION CENTER Trial Balance November 30, 2015 Credit Debit 9,350 30,090 44,710 6,140 135,900 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 Maintenance and Repairs Expense Freight-Out Rent Expense 29,470 50,000 44,340 54,240 41,150 12,130 755,900 8,970 497,400 139,900 24,260 13,740 11,670 16,770 24,070 $975,100 $975,100 Totals Adjustment data: 1. Supplies on hand totaled $2,030 2. Depreciation is $11,400 on the equipment. 3. Interest of $5,210 is accrued on notes payable at November 30 4. Inventory actually on hand is $44,410 Your answer is correct. Enter the trial balance on a worksheet, and complete the worksheet. VALDEZ FASHION CENTER Worksheet For the Year Ended November 30, 2015 Adj. Trial Balance Income Statement Account Titles Trial Balance Adjustments Dr 9,350 Balance Sheet Dr Dr Cash Accounts Recelvable Inventory Supplies Equipment Accum. 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 Maintenance and Repairs Expense Freight-Out Rent Expense 1 T9350 4410 35900 350 30090 300 4410 030 30,090 44,710 6,140 135,900 135900 29,470 50,000 44,340 54,240 41,150 340870 1-500001 44340 154240 40870 L-50000( r i 54240 12,130 2130 755900 755,900 55900 175 8,970 497,400 139,900 24,260 13,740 11,670 16,770 24,070 970 497700 4977001 139900 24260 13740 1670 6770 24070 24260 37401 4070 975,100 975,100 Totals Supplies Expense Depreciation Expense Interest Expense Interest Payable 110 I 11400 Totals Net Loss Totals 121020lLT2 1020 L 991710 LT755 90011233910- 235810 1991710 7578 001 1900 757800 757800 235810 235810 "(b1) Your answer is correct. Prepare a multiple-step income statement for the year. VALDEZ FASHION CENTER Income Statement For the Year Ended November 30, 2015 ales ales Revenuel ss: Sales Returns and Allowances et Sales ost of Goods Sold ross Profit perating Expenses alaries and Wages Expense dvertising Expense tilities Expense $1755900 ES E 973 46930 197700 2492301 139900 4260 3740 Maintenance and Repairs Expense 1670 Freight-out 16770 4070 110 1400 ent Expense upplies Expense Depreciation Expense 245920 otal Operating Expenses ncome from Operations her Expenses and Losses nterest Expensel et Income (Loss) 3101 210 1900) (b3) Your answer is correct. Prepare a classified balance sheet as of November 30, 2015. Notes payable of $19,480 are due in January 2016 VALDEZ FASHION CENTER Balance Sheet November 30, 2015 Assets urrent Assets Receivable nventoryl 10 otal Current Assets Plant and E 35900 Equipment 40870 umulated De otal Assets Current Liablitiesl Payablel interest Payable 210 otes Payable 19480 tal Current Liabilities term Liabilities otes Payable tal Liabilities holders Equit mmon Stock tained Earnings 240 lStockholders' E l Liabilities and Stockholders Your answer is correct. Journalize the adjusting entries. (Credit account titles are automat No. Date Account Titles and Explanation 1. Nov. 30% Debit Credit 110 upplies Expense upplies (To adjust supplies expense) OV. 30 Depreciation Expens 11400 11400 ccumulated Depreciation-Equipment (To adjust depreciation on equipment) OV 30 TInterest Expense nterest Payable (To adjust interest expense) 4. Nov. 30 Cost of Goods Sold nvento (To adjust merchandise inventory) ] Your answer is correct. Journalize the closing entries. (Credit account titles are automatica Date Account Titles and Explanation Debit Credit Nov. 30 Sales Revenue 72559001 ncome Summary To close accounts with credit balances) 7559001 Nov. 30tncome Summary) 578001 Eales Returns and Allowances) ost of Goods Sold 3990 dvertising Expens 13740 ) 670 tilities Expen Maintenance and Repairs Expense 677 reight-ou 740701 Rent Expense upplies Expens epreciation Expense nterest Expens 140 To close accounts with debit balances) Nov. 3 0 TRetained Earni 90 ncome Summa (To close net income / (loss) 1213 Nov. 30TRetained Earn ividend 213 To close dividends) Prepare a post-closing trial balance VALDEZ FASHION CENTER Post-Closing Trial Balance November 30, 2015 Debit Credit