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The trial balance of Coronado Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. CORONADO FASHION CENTER TRIAL
The trial balance of Coronado Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. CORONADO FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 Debit Credit Cash $ 33,230 Accounts Receivable 37,030 Inventory 48,330 Supplies 8,830 139,660 $ 26,400 54,330 Equipment Accumulated Depreciation Equipment Notes Payable Accounts Payable Common Stock Retained Earnings 51.830 93,330 11,330 Sales Revenue 765,060 Sales Returns and Allowances 4,200 Retained Earnings 11,330 Sales Revenue 765,060 Sales Returns and Allowances 4,200 Cost of Goods Sold 495.400 Salaries and Wages Expense 138,560 Advertising Expense 27.600 Utilities Expenses 15,440 Maintenance and Repairs Expense 12,100 Delivery Expense 16,700 Rent Expense 25,200 Totals $ 1,002,280 $ 1,002,280 Adjustment data: 1. Supplies on hand totaled $ 4,830. 2. Depreciation is $ 16,800 on the equipment. 3. Interest of $ 11,360 is accrued on notes payable at November 30. Rent expense Totals $ 1,002,280 $ 1,002,280 Adjustment data: 1. Supplies on hand totaled $ 4,830. 2. Depreciation is $ 16,800 on the equipment. 3. Interest of $ 11,360 is accrued on notes payable at November 30. Other data: 1. Salaries expense is 70% selling and 30% administrative. 2. Rent expense and utilities expenses are 80% selling and 20% administrative. $ 30,000 of notes payable are due for payment next year. 3. 4. Maintenance and repairs expense is 100% administrative. Prepare a classified balance sheet as of November 30, 2020. (List current assets in order of liquidity.) CORONADO FASHION CENTER Balance Sheet For the Year Ended November 30, 2020 Assets Current Assets Total Current Assets
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