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 Debit Credit $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 BalanceAdjustments Dr 9,350 Balance Sheet Dr Cr. Cr. Cr Dr Cr Dr. Cr 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 139,900 Advertising Expense Utilities Expense Maintenance and Repairs Expense 11,670 Freight-Out Rent Expense 30,090 44,710 30090 130090 00 4410 44 10 2030 35900 6,140 030 135,900 T135900 29,470 50,000 44,340 54,240 41,150 40870 40870 150000 144340 12,130 755900 755,900 1755900 8,970 497,400 970 497700 139900 24260 13740 | T 1670 6770 T24070 24,260 13,740 24260 3740 11670 16770 4070 16,770 24,070 Totals Supplies Expense Depreciation Expense Interest Expense Interest Payable 975,100 975,100 110 400 1400 1400 Totals Net Loss Totals 1020 21020 1991710 991710755900 T233910 235810 1900 75780 578001235810 235810 "(b1) Your answer is partially correct. Try again. Prepare a multiple-step income statement for the year. VALDEZ FASHION CENTER Income Statement For the Year Ended November 30, 2015 otal Revenues 55900 970 46930 97700 49230 ales Revenuel ales Returns and Allowances et Sales ost of Goods Sold perating Expenses 3990 ales Commissions Ex dvertising Expense 4260 Expense 3740 ilities Maintenance and Repairs Expense 1670 Freight-out 6770 4070 110 ent Expense upplies Expense epreciation Expensel otal Operating Expenses 11400 45920 310 Net Income (Loss) 210 1900 Net Income/ (Loss)
