The trial balance of Valdez Fashion Center contained the following accounts at November 30, the end of the companys fiscal year VALDEZ FASHION CENTER Trial Balance November 30, 2015 Debit Credit Cash $8,760 Accounts Receivable 30,400 Inventory 42,400 Supplies 6,130 Equipment 134,600 Accumulated DepreciationEquipment $26,800 Notes Payable 52,000 Accounts Payable 40,250 Common Stock 52,130 Retained Earnings 42,550 Dividends 10,570 Sales Revenue 755,900 Sales Returns and Allowances 8,870 Cost of Goods Sold 497,200 Salaries and Wages Expense 139,900 Advertising Expense 24,160 Utilities Expense 13,940 Maintenance and Repairs Expense 11,900 Freight Out 16,700 Rent Expense 24,100 Totals $969,630 $969,630 Adjustment data 1 Supplies on hand totaled $2,160 2 Depreciation is $11,200on the equipment 3 Interest of $4,960is accrued on notes payable at November 30 4 Inventory actually on hand is $41,900 Enter the trial balance on a worksheet, and complete the worksheet VALDEZ FASHION CENTER Worksheet For the Year Ended November 30, 2015 Account Titles Trial Balance Adjustments Adj Trial Balance Income Statement Balance Sheet Dr Cr Dr Cr Dr Cr Dr Cr Dr Cr Cash 8,760 Accounts Receivable 30,400 Inventory 42,400 Supplies 6,130 Equipment 134,600 Accum DepreciationEquipment 26,800 Notes Payable 52,000 Accounts Payable 40,250 Common Stock 52,130 Retained Earnings 42,550 Dividends 10,570 Sales Revenue 755,900 Sales Returns and Allowances 8,870 Cost of Goods Sold 497,200 Salaries and Wages Expense 139,900 Advertising Expense 24,160 Utilities Expense 13,940 Maintenance and Repairs Expense 11,900 Freight Out 16,700 Rent Expense 24,100 Totals 969,630 969,630 Supplies Expense Depreciation Expense Interest Expense Interest Payable Totals Net Loss Totals SHOW LIST OF ACCOUNTS Prepare a multiple step income statement for the year VALDEZ FASHION CENTER Income Statement For the Year Ended November 30, 2015 DividendsNet Income (Loss)Retained Earnings, December 1, 2014Retained Earnings, November 30, 2015SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome from OperationsOther Expenses and Losses $ AddLess DividendsNet Income (Loss)Retained Earnings, December 1, 2014Retained Earnings, November 30, 2015SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome from OperationsOther Expenses and Losses DividendsNet Income (Loss)Retained Earnings, December 1, 2014Retained Earnings, November 30, 2015SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome from OperationsOther Expenses and Losses DividendsNet Income (Loss)Retained Earnings, December 1, 2014Retained Earnings, November 30, 2015SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome from OperationsOther Expenses and Losses $ DividendsNet Income (Loss)Retained Earnings, December 1, 2014Retained Earnings, November 30, 2015SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome from OperationsOther Expenses and Losses DividendsNet Income (Loss)Retained Earnings, December 1, 2014Retained Earnings, November 30, 2015SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome from OperationsOther Expenses and Losses DividendsNet Income (Loss)Retained Earnings, December 1, 2014Retained Earnings, November 30, 2015SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome from OperationsOther Expenses and Losses DividendsNet Income (Loss)Retained Earnings, December 1, 2014Retained Earnings, November 30, 2015SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome from OperationsOther Expenses and Losses $ SHOW LIST OF ACCOUNTS Prepare an retained earnings statement for the year (List items that increase retained earnings first ) VALDEZ FASHION CENTER Retained Earnings Statement For the Year Ended November 30, 2015 DividendsExpensesNet Income (Loss)Retained Earnings, December 1, 2014Retained Earnings, November 30, 2015RevenueTotal ExpensesTotal Revenues $ LessAdd DividendsExpensesNet Income (Loss)Retained Earnings, December 1, 2014Retained Earnings, November 30, 2015RevenueTotal ExpensesTotal Revenues $ DividendsExpensesNet Income (Loss)Retained Earnings, December 1, 2014Retained Earnings, November 30, 2015RevenueTotal ExpensesTotal Revenues DividendsExpensesNet Income (Loss)Retained Earnings, December 1, 2014Retained Earnings, November 30, 2015RevenueTotal ExpensesTotal Revenues $ SHOW LIST OF ACCOUNTS Prepare a classified balance sheet as of November 30, 2015 Notes payable of $19,570are due in January 2016 (List current assets in order of liquidity ) VALDEZ FASHION CENTER Balance Sheet November 30, 2015 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 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 AssetsCu

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The trial balance of Valdez Fashion Center contained the following accounts at November 30, the end of the companys fiscal year. VALDEZ FASHION CENTER Trial

The trial balance of Valdez Fashion Center contained the following accounts at November 30, the end of the companys fiscal year.

VALDEZ FASHION CENTER Trial Balance November 30, 2015
Debit	Credit
Cash	$8,760
Accounts Receivable	30,400
Inventory	42,400
Supplies	6,130
Equipment	134,600
Accumulated DepreciationEquipment	$26,800
Notes Payable	52,000
Accounts Payable	40,250
Common Stock	52,130
Retained Earnings	42,550
Dividends	10,570
Sales Revenue	755,900
Sales Returns and Allowances	8,870
Cost of Goods Sold	497,200
Salaries and Wages Expense	139,900
Advertising Expense	24,160
Utilities Expense	13,940
Maintenance and Repairs Expense	11,900
Freight-Out	16,700
Rent Expense	24,100
Totals	$969,630	$969,630

Adjustment data:

1.	Supplies on hand totaled $2,160.
2.	Depreciation is $11,200on the equipment.
3.	Interest of $4,960is accrued on notes payable at November 30.
4.	Inventory actually on hand is $41,900.

Enter the trial balance on a worksheet, and complete the worksheet.

VALDEZ FASHION CENTER Worksheet For the Year Ended November 30, 2015
Account Titles	Trial Balance	Adjustments	Adj. Trial Balance	Income Statement	Balance Sheet
Dr.	Cr.	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.
Cash	8,760
Accounts Receivable	30,400
Inventory	42,400
Supplies	6,130
Equipment	134,600
Accum. DepreciationEquipment	26,800
Notes Payable	52,000
Accounts Payable	40,250
Common Stock	52,130
Retained Earnings	42,550
Dividends	10,570
Sales Revenue	755,900
Sales Returns and Allowances	8,870
Cost of Goods Sold	497,200
Salaries and Wages Expense	139,900
Advertising Expense	24,160
Utilities Expense	13,940
Maintenance and Repairs Expense	11,900
Freight-Out	16,700
Rent Expense	24,100
Totals	969,630	969,630
Supplies Expense
Depreciation Expense
Interest Expense
Interest Payable
Totals
Net Loss
Totals

SHOW LIST OF ACCOUNTS

Prepare a multiple-step income statement for the year.

VALDEZ FASHION CENTER Income Statement For the Year Ended November 30, 2015
DividendsNet Income / (Loss)Retained Earnings, December 1, 2014Retained Earnings, November 30, 2015SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome from OperationsOther Expenses and Losses
	$
AddLess:
DividendsNet Income / (Loss)Retained Earnings, December 1, 2014Retained Earnings, November 30, 2015SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome from OperationsOther Expenses and Losses

DividendsNet Income / (Loss)Retained Earnings, December 1, 2014Retained Earnings, November 30, 2015SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome from OperationsOther Expenses and Losses
DividendsNet Income / (Loss)Retained Earnings, December 1, 2014Retained Earnings, November 30, 2015SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome from OperationsOther Expenses and Losses
	$







DividendsNet Income / (Loss)Retained Earnings, December 1, 2014Retained Earnings, November 30, 2015SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome from OperationsOther Expenses and Losses
DividendsNet Income / (Loss)Retained Earnings, December 1, 2014Retained Earnings, November 30, 2015SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome from OperationsOther Expenses and Losses
DividendsNet Income / (Loss)Retained Earnings, December 1, 2014Retained Earnings, November 30, 2015SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome from OperationsOther Expenses and Losses

DividendsNet Income / (Loss)Retained Earnings, December 1, 2014Retained Earnings, November 30, 2015SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome from OperationsOther Expenses and Losses	$

SHOW LIST OF ACCOUNTS

Prepare an retained earnings statement for the year.(List items that increase retained earnings first.)

VALDEZ FASHION CENTER Retained Earnings Statement For the Year Ended November 30, 2015
DividendsExpensesNet Income / (Loss)Retained Earnings, December 1, 2014Retained Earnings, November 30, 2015RevenueTotal ExpensesTotal Revenues	$
LessAdd:
DividendsExpensesNet Income / (Loss)Retained Earnings, December 1, 2014Retained Earnings, November 30, 2015RevenueTotal ExpensesTotal Revenues	$
DividendsExpensesNet Income / (Loss)Retained Earnings, December 1, 2014Retained Earnings, November 30, 2015RevenueTotal ExpensesTotal Revenues

DividendsExpensesNet Income / (Loss)Retained Earnings, December 1, 2014Retained Earnings, November 30, 2015RevenueTotal ExpensesTotal Revenues	$

SHOW LIST OF ACCOUNTS

Prepare a classified balance sheet as of November 30, 2015. Notes payable of $19,570are due in January 2016.(List current assets in order of liquidity.)

VALDEZ FASHION CENTER Balance Sheet November 30, 2015
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 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 AssetsCu