The trial balance of Teal Fashion Center contained the following accounts at November 30, the end of the companys fiscal year. TEAL FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2017 Debit Credit Cash $33,590 Accounts Receivable 37,270 Inventory 48,570 Supplies 9,070 Equipment 140,140 Accumulated Depreciation-Equipment $26,640 Notes Payable 54,570 Accounts Payable 52,070 Common Stock 93,570 Retained Earnings 11,570 Sales Revenue 765,660 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 $1,004,080 Adjustment data: 1. Supplies on hand totaled $5,070. 2. Depreciation is $16,980 on the equipment. 3. Interest of $11,580 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. 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 0 for the amounts. Record journal entries in the order presented in the problem.) No. Date Account Titles and Explanation Debit Credit 1. Nov. 30 2. Nov. 30 3. Nov. 30 Prepare an adjusted trial balance. TEAL FASHION CENTER Adjusted Trial Balance November 30, 2017 Debit Credit $ $ Total $ $ Prepare a multiple-step income statement for the year. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) TEAL FASHION CENTER Income Statement November 30, 2017For the Year Ended November 30, 2017For the Quarter Ended November 30, 2017 Cost of Goods SoldDividendsGross ProfitIncome from OperationsNet Income / (Loss)Net SalesOperating ExpensesOther Expenses and LossesRetained Earnings, December 1, 2016Retained Earnings, November 30, 2017Sales RevenueTotal Administrative ExpensesTotal Operating ExpensesTotal RevenuesTotal Selling Expenses $ Add Less : Cost of Goods Sold Dividends Gross Profit Income from Operations Net Income / (Loss) Net Sales Operating Expenses Other Expenses and Losses Retained Earnings, December 1, 2016 Retained Earnings, November 30, 2017 Sales Revenue Total Administrative Expenses Total Operating Expenses Total Revenues Total Selling Expenses Cost of Goods SoldDividendsGross ProfitIncome from OperationsNet Income / (Loss)Net SalesOperating ExpensesOther Expenses and LossesRetained Earnings, December 1, 2016Retained Earnings, November 30, 2017Sales RevenueTotal Administrative ExpensesTotal Operating ExpensesTotal RevenuesTotal Selling Expenses Cost of Goods SoldDividendsGross ProfitIncome from OperationsNet Income / (Loss)Net SalesOperating ExpensesOther Expenses and LossesRetained Earnings, December 1, 2016Retained Earnings, November 30, 2017Sales RevenueTotal Administrative ExpensesTotal Operating ExpensesTotal RevenuesTotal Selling Expenses Cost of Goods SoldDividendsGross ProfitIncome from OperationsNet Income / (Loss)Net SalesOperating ExpensesOther Expenses and LossesRetained Earnings, December 1, 2016Retained Earnings, November 30, 2017Sales RevenueTotal Administrative ExpensesTotal Operating ExpensesTotal RevenuesTotal Selling Expenses Selling expenses $ Cost of Goods Sold Dividends Gross Profit Income from Operations Net Income / (Loss) Net Sales Operating Expenses Other Expenses and Losses Retained Earnings, December 1, 2016 Retained Earnings, November 30, 2017 Sales Revenue Total Administrative Expenses Total Operating Expenses Total Revenues Total Selling Expenses $ Administrative expenses Cost of Goods Sold Dividends Gross Profit Income from Operations Net Income / (Loss) Net Sales Operating Expenses Other Expenses and Losses Retained Earnings, December 1, 2016 Retained Earnings, November 30, 2017 Sales Revenue Total Administrative Expenses Total Operating Expenses Total Revenues Total Selling Expenses Cost of Goods Sold Dividends Gross Profit Income from Operations Net Income / (Loss) Net Sales Operating Expenses Other Expenses and Losses Retained Earnings, December 1, 2016 Retained Earnings, November 30, 2017 Sales Revenue Total Administrative Expenses Total Operating Expenses Total Revenues Total Selling Expenses Cost of Goods SoldDividendsGross ProfitIncome from OperationsNet Income / (Loss)Net SalesOperating ExpensesOther Expenses and LossesRetained Earnings, December 1, 2016Retained Earnings, November 30, 2017Sales RevenueTotal Administrative ExpensesTotal Operating ExpensesTotal RevenuesTotal Selling Expenses Cost of Goods SoldDividendsGross ProfitIncome from OperationsNet Income / (Loss)Net SalesOperating ExpensesOther Expenses and LossesRetained Earnings, December 1, 2016Retained Earnings, November 30, 2017Sales RevenueTotal Administrative ExpensesTotal Operating ExpensesTotal RevenuesTotal Selling Expenses Cost of Goods SoldDividendsGross ProfitIncome from OperationsNet Income / (Loss)Net SalesOperating ExpensesOther Expenses and LossesRetained Earnings, December 1, 2016Retained Earnings, November 30, 2017Sales RevenueTotal Administrative ExpensesTotal Operating ExpensesTotal RevenuesTotal Selling Expenses $ Prepare retained earnings statement for the year. TEAL FASHION CENTER Retained Earnings Statement November 30, 2017For the Year Ended November 30, 2017For the Quarter Ended November 30, 2017 Cost of Goods SoldDividendsExpensesGross ProfitIncome from OperationsNet Income / (Loss)Net SalesOperating ExpensesOther Expenses and LossesRetained Earnings, December 1, 2016Retained Earnings, November 30, 2017Sales RevenueTotal Administrative ExpensesTotal ExpensesTotal Operating ExpensesTotal RevenuesTotal Selling Expenses $ AddLess : Cost of Goods SoldDividendsExpensesGross ProfitIncome from OperationsNet Income / (Loss)Net SalesOperating ExpensesOther Expenses and LossesRetained Earnings, December 1, 2016Retained Earnings, November 30, 2017Sales RevenueTotal Administrative ExpensesTotal ExpensesTotal Operating ExpensesTotal RevenuesTotal Selling Expenses Cost of Goods SoldDividendsExpensesGross ProfitIncome from OperationsNet Income / (Loss)Net SalesOperating ExpensesOther Expenses and LossesRetained Earnings, December 1, 2016Retained Earnings, November 30, 2017Sales RevenueTotal Administrative ExpensesTotal ExpensesTotal Operating ExpensesTotal RevenuesTotal Selling Expenses $ Prepare a classified balance sheet as of November 30, 2017. (List current assets in order of liquidity.) TEAL FASHION CENTER Balance Sheet November 30, 2017For the Year Ended November 30, 2017For the Quarter Ended November 30, 2017 Assets Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity $ Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders' Equity $ Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity Add Less : Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders' Equity $ Liabilities and Stockholders' Equity Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity $ Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders' Equity $ Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders' Equity Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders' Equity $ Journalize the closing 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 0 for the amounts.) No. Date Account Titles and Explanation Debit Credit 1. Nov. 30 (To close accounts with credit balances.) 2. Nov. 30 (To close accounts with debit balances.) 3. Nov. 30 (To close net income / (loss).) Prepare a post-closing trial balance. TEAL FASHION CENTER Post-Closing Trial Balance November 30, 2017 Debit Credit $ $ $ $