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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 Credit Debit $ 33,230 Cash 37.030 Accounts Receivable Inventory 48,330 Supplies 8,830 Equipment 139,660 $ 26,400 54,330 Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock 51,830 93,330 Retained Earnings 11,330 Sales Revenue 765,060 Sales Returns and Allowances 4,200 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. 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. 3. $ 30,000 of notes payable are due for payment next year. 4. Maintenance and repairs expense is 100% administrative. (c1) Prepare a multiple-step income statement for the year. (ignore income taxes) (Enter loss using either a negative sign preceding the number eg, -45 or parentheses e3.(45)) CORONADO FASHION CENTER Income Statement Selling expenses $ Administrative expenses Administrative expenses >
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