Question 7 of 7 1.71/3 (C3) Prepare a classified balance sheet as of November 30, 2020. (List current assets in order of liquidity) ORIOLE FASHION CENTER Balance Sheet Assets Current Assets Cash $ Accounts Receivable Inventory Supplies Property. Plant and Equipment $ $ Liabilities and Stockholders' Equity Question 7 of 7 1.71/3 Supplies Property, Plant and Equipment $ $ Liabilities and Stockholders' Equity $ Question 7 of 7 1.71/3 E $ $ e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer (d) The parts of this question must be completed in order. This part will be available when you complete the part above. Question 7 of 7 1.71/ Credit ORIOLE FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 Debit Cash $33,590 Accounts Receivable 37,270 Inventory 48,570 Supplies 9,070 Equipment 140,140 Accumulated Depreciation Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Sales Revenue Sales Returns and Allowances 4,200 Cost of Goods Sold 495,400 Salaries and Wages Expense 138.240 Advertising Expense 27.720 Utilities Expenses 15.760 Maintenance and Repairs Expense 12,100 Delivery Expense 16,700 Rent Expense 25,320 Totals $1,004,080 $26,640 54,570 52,070 93,570 11,570 765,660 $1,004,080 Adjustment data: Question 7 of 7 > 1.71/3 II! Adjustment data: 1 2. 3. Supplies on hand totaled $5,070 Depreciation is $16,980 on the equipment. Interest of $11,580 is accrued on notes payable at November 30. Other data: 1. 2. 3. 4. Salaries expense is 70% selling and 30% administrative. Rent expense and utilities expenses are 80% selling and 20% administrative. $30,000 of notes payable are due for payment next year. Maintenance and repairs expense is 100% administrative. (a) Your answer is correct. Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) Debit Credit No. Date Account Titles and Explanation Question 7 of 7 > 1.71 / 3 ill Your answer is correct. Journalize the adjusting entries. (Credit account titles are automatically Indented when amount is entered. Do not Indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) No. Date Account Titles and Explanation Debit Credit Nov. 30 4000 Supplies Expense 1. Supplies 4000 2 Nov. 30 Depreciation Expense 16,980 Accumulated Depreciation Equipment 16,980 3 Nov. 30 Interest Expense 11.580 Interest Payable 11.580 e Textbook and Media List of Accounts Attempts: 1 of 3 used Question 7 of 7 1.71/3 III URIOLE FASHION CENTER Adjusted Trial Balance November 30, 2020 Debit Credit Cash 33590 $ Accounts Receivable 37270 Inventory 48570 Supplies 5070 Equipment 140140 Accumulated Depreciation Equipment 43620 Notes Payable 54570 Accounts Payable 52070 Common Stock 93570 Retained Earnings 11570 Sales Revenue 765660 Sales Returns and Allowances 4200 Cost of Goods Sold 495400 Salaries and Wages Expense 138240 Question 7 of 7 1.71/3 NII Sales Revenue 765660 Sales Returns and Allowances 4200 Cost of Goods Sold 495400 Salaries and Wages Expense 138240 Advertising Experise 27720 Utilities Expenses 15760 Maintenance and Repairs Expense 12100 Delivery Expense 16700 Rent Expense 25320 Depreciation Expense 16980 Supplies Expense 4000 Interest Expense 11580 Interest Payable 11580 Total 1032640 $ 1032640 eTextbook and Media List of Accounts Question 7 of 7 1.71/3 For the Year Ended November 30, 2020 v Sales Revenue Sales Less Sales Returns and Allowances Net Sales Cost of Goods Sold Gross Profit Operating Expenses Selling expenses Salaries and Wages Expense 96768 27720 i Advertising Expense Utilities Expenses 12608 Rent Expense 20256 16980 1 Depreciation Expense 16700 i Delivery Expense 4000 Supplies Expense $ 19 Total Selling Expenses Question 7 of 7 1.71/3 For the Year Ended November 30, 2020 765660 4200 i 761460 495400 i 266060 $ 95768 27720 1 12608 20256 16980 16700 4000 195032 Question 7 of 7 1.71/3 II Depreciation Expense 16980 Delivery Expense 16700 Supplies Experte 4000 15 Total Selling Expenses Administrative expenses Salaries and Wages Expense 41472 Utilities Expenses 3152 Rent Expense 5064 Maintenance and Repairs Expense 121001 Total Administrative Expenses Total Operating Expenses Income from Operations Other Expenses de Interest Notincome/loss Question 7 of 7 1.71/3 III 16980 i 16700 i 4000 195032 41472 i 3152 i 5064 12100 61788 256820 i 9240 11580 i $ -2340 Question 7 of 7 1.71/3 III (c2) Your Answer Correct Answer Your answer is correct. Prepare retained earnings statement for the year. ORIOLE FASHION CENTER Retained Earnings Statement For the Year Ended November 30, 2020 Retained Earnings, December 1, 2019 11.570 Less Net Income /(Loss) 12340) Retained Earnings. November 30, 2020 9.230 e Textbook and Media List of Accounts Attempts: 3 of 3 used