Question
The trial balance of Tamarisk Fashion Center contained the following accounts at November 30, the end of the companys fiscal year. TAMARISK FASHION CENTER TRIAL
The trial balance of Tamarisk Fashion Center contained the following accounts at November 30, the end of the companys fiscal year. TAMARISK FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 Debit Credit Cash $33,410 Accounts Receivable 37,150 Inventory 48,450 Supplies 8,950 Equipment 139,900 Accumulated Depreciation-Equipment $26,520 Notes Payable 54,450 Accounts Payable 51,950 Common Stock 93,450 Retained Earnings 11,450 Sales Revenue 765,360 Sales Returns and Allowances 4,200 Cost of Goods Sold 495,400 Salaries and Wages Expense 138,400 Advertising Expense 27,660 Utilities Expenses 15,600 Maintenance and Repairs Expense 12,100 Delivery Expense 16,700 Rent Expense 25,260 Totals $1,003,180 $1,003,180 Adjustment data: 1. Supplies on hand totaled $4,950. 2. Depreciation is $16,890 on the equipment. 3. Interest of $11,720 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. need adjusted trial balance and multiple step income statement for the year, ignoring income taxes
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started