The trial balance of Valdez Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. VALDEZ FASHION CENTER Trial Balance November 30, 2015 Debit Credit $ 8,600 31,730 45,430 6,010 134,100 $ 26,030 50,000 47,040 54,070 42,920 Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Dividends Sales Revenue Sales Returns and Allowances Cost of Goods Sold Salaries and Wages Expense Advertising Expense Utilities Expense Maintenance and Repairs Expense Freight-Out Rent Expense Totals 13,200 755,300 8,670 497,200 139,900 24,320 13,990 11,670 16,780 23,760 $975,360 $975,360 Adjustment data: 1. Supplies on hand totaled $2,050. 2. Depreciation is $11,400 on the equipment. 3. Interest of $4,850 is accrued on notes payable at November 30. 4. Inventory actually on hand is $45,030. Enter the trial balance on a worksheet, and complete the worksheet. VALDEZ FASHION CENTER Worksheet For the Year Ended November 30, 2015 Account Trial Balance Adjustments Adj. Trial Balance Titles Dr. Cr. Dr. Dr. Cash 8,600 Accounts 31,730 Receivable Inventory 45,430 Supplies 6,010 Equipment 134,100 Accum. Depreciation 26,030 Equipment Notes 50,000 Payable Accounts 47,040 Payable Common 54,070 Stock Retained 42,920 Earnings Dividends 13,200 Sales 755,300 Revenue 755,300 Sales Revenue Sales Returns and Allowances 8,670 Cost of 497,200 Goods Sold Salaries and Wages 139,900 Expense Advertising 24,320 Expense Utilities Expense 13,990 Maintenance and Repairs 11,670 Expense Freight-Out 16,780 Rent 23,760 Expense 975,360975,360 Supplies Expense Depreciation Expense Interest Expense Interest Payable Totals Net Loss Totals Income Statement Balance Sheet Dr. Cr. Dr. Cr. Prepare a multiple-step income statement for the year. VALDEZ FASHION CENTER Income Statement For the Year Ended November 30, 2015 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 SHOW LIST OF ACCOUNTS Prepare a classified balance sheet as of November 30, 2015. Notes payable of $21,720 are due in January 2016. (List current assets in order of liquidity.) VALDEZ FASHION CENTER Balance Sheet November 30, 2015 Assets $ $ > Liabilities and Stockholders' Equity $ $ > Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit No. Date Account Titles and Explanation 1. Nov. 30 (To adjust supplies expense) 2. Nov. 30 (To adjust depreciation on equipment) 3. Nov. 30 (To adjust interest expense) 4. Nov. 30 (To adjust merchandise inventory) Journalize the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov. 30 (To close accounts with credit balances) Nov. 30 (To close accounts with debit balances) Nov. 30 (To close net income / (loss)) Nov. 30 (To close dividends) Prepare a post-closing trial balance. VALDEZ FASHION CENTER Post-Closing Trial Balance November 30, 2015 Debit Credit