*Problem 5-5A 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 $ 8,600 Cash Accounts Receivable 28,790 Inventory 44,910 Supplies 6,070 Equipment 130,700 Accumulated Depreciation-Equipment Notes Payable Accounts Payable $29,570 51,000 34,850 Common Stock 53,480 Retained Earnings 42,790 Dividends 12,300 Sales Revenue 755,500 Sales Returns and Allowances 8,790 Cost of Goods Sold 497,100 Salaries and Wages Expense 139.500 Advertising Expense 24,340 Utilities Expense 13,850 Maintenance and Repairs Expense 12,050 Freight-Out 16,410 Rent Expense 23,780 Totals $967,190 $967,190 Adjustment data: 1. Supplies on hand totaled $2,140. uipment. 3. Interest of $4,850 is accrued on notes payable at November 30 4. Inventory actually on hand is $44,510. VALDEZ FASHION CENTER For the Yenr Ended November 2015 Triel Balane nannte Account litles 0mle Statement Cr Adjustments di. Irial U alance Sheet Cr - DE De De CE Cach 8,600 s000 Beco Roccivable 29790 28790 44 910 Inwentory .070 Supplics Equipment 130,700 130/00 30/00 41070 Accum. Depredation Equipment 29.570 1500 41070 Notes Payable 51000 51000 ..b Common Stock 33.4U0 Retained Earnings 42.790 42790 Dividends 12,300 12300 12300 Seles Revenue /55.500 755500 755500 Alowankes 8.790 Cast of Goods Sold 97,100 400 Salaries and Wages Expense 139.500 13050 130500 advertsing Expense 24.34 R4340 b4340 Utilities Expense 13,850 13850 13850 and Repairs Fxpense 12030 12050 Freicht-Out 16,410 23.780 Rent Expense E3780 b3780 967.190 67.190 Tela's 3930 3930 3930 Depreriation Experae Interest Expenpe 950 Interest Payable 4850 4850 20080 59761 083510 Tetale Net Loss Frepare a multiple-step income statement for the yean Prepare a multiple-step income statement for the year. VALDEZ FASHION CENTER Income Statement For the Year Ended November 30, 2015 Retained Earnings, Novem Add Prepare an retained earnings statement for the year. (List items that increase retained earnings first.) Prepare an retained earnings statement for the year. (List items that increase retained earnings first.) VALDEZ FASHION CENTER Retained Earnings Statement For the Year Ended November 30, 2015 Prepare a classified balance sheet as of November 30, 2015. Notes payable of $21,780 are due in January 2016. (List current assets in order of liquidity.) VALDEZ FASHION CENTER Balance Sheet November 30, 2015 Assets Liabilities and Stockholders' Equity $ Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit No. Date Nov. 30 Supplies Expense 1. 3930 Supplies 3930 (To adjust supplies expense) Nov. 30 Depreciation Expense 2. 11500 Accumulated Depreciation 11500 (To adjust depreciation on equipment) Nov. 30 Interest Expense 3. 4850 Interest Payable 4850 (To adjust interest expense) Nov. 30 Cost of Goods Sold 4. 400 Inventory 400 (To adjust merchandise inventory) Journalize the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date 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 dividends) Dronare noct clocing trial balace Prepare a post-closing thal balance. VALDEZ FASHION CENTER Post-Closing Trial Balance November 30, 2015 Debit Credit *Problem 5-5A 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 $ 8,600 Cash Accounts Receivable 28,790 Inventory 44,910 Supplies 6,070 Equipment 130,700 Accumulated Depreciation-Equipment Notes Payable Accounts Payable $29,570 51,000 34,850 Common Stock 53,480 Retained Earnings 42,790 Dividends 12,300 Sales Revenue 755,500 Sales Returns and Allowances 8,790 Cost of Goods Sold 497,100 Salaries and Wages Expense 139.500 Advertising Expense 24,340 Utilities Expense 13,850 Maintenance and Repairs Expense 12,050 Freight-Out 16,410 Rent Expense 23,780 Totals $967,190 $967,190 Adjustment data: 1. Supplies on hand totaled $2,140. uipment. 3. Interest of $4,850 is accrued on notes payable at November 30 4. Inventory actually on hand is $44,510. VALDEZ FASHION CENTER For the Yenr Ended November 2015 Triel Balane nannte Account litles 0mle Statement Cr Adjustments di. Irial U alance Sheet Cr - DE De De CE Cach 8,600 s000 Beco Roccivable 29790 28790 44 910 Inwentory .070 Supplics Equipment 130,700 130/00 30/00 41070 Accum. Depredation Equipment 29.570 1500 41070 Notes Payable 51000 51000 ..b Common Stock 33.4U0 Retained Earnings 42.790 42790 Dividends 12,300 12300 12300 Seles Revenue /55.500 755500 755500 Alowankes 8.790 Cast of Goods Sold 97,100 400 Salaries and Wages Expense 139.500 13050 130500 advertsing Expense 24.34 R4340 b4340 Utilities Expense 13,850 13850 13850 and Repairs Fxpense 12030 12050 Freicht-Out 16,410 23.780 Rent Expense E3780 b3780 967.190 67.190 Tela's 3930 3930 3930 Depreriation Experae Interest Expenpe 950 Interest Payable 4850 4850 20080 59761 083510 Tetale Net Loss Frepare a multiple-step income statement for the yean Prepare a multiple-step income statement for the year. VALDEZ FASHION CENTER Income Statement For the Year Ended November 30, 2015 Retained Earnings, Novem Add Prepare an retained earnings statement for the year. (List items that increase retained earnings first.) Prepare an retained earnings statement for the year. (List items that increase retained earnings first.) VALDEZ FASHION CENTER Retained Earnings Statement For the Year Ended November 30, 2015 Prepare a classified balance sheet as of November 30, 2015. Notes payable of $21,780 are due in January 2016. (List current assets in order of liquidity.) VALDEZ FASHION CENTER Balance Sheet November 30, 2015 Assets Liabilities and Stockholders' Equity $ Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit No. Date Nov. 30 Supplies Expense 1. 3930 Supplies 3930 (To adjust supplies expense) Nov. 30 Depreciation Expense 2. 11500 Accumulated Depreciation 11500 (To adjust depreciation on equipment) Nov. 30 Interest Expense 3. 4850 Interest Payable 4850 (To adjust interest expense) Nov. 30 Cost of Goods Sold 4. 400 Inventory 400 (To adjust merchandise inventory) Journalize the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date 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 dividends) Dronare noct clocing trial balace Prepare a post-closing thal balance. VALDEZ FASHION CENTER Post-Closing Trial Balance November 30, 2015 Debit Credit