Your answer is correct. Enter the trial balance on a worksheet, and complete the worksheet. VALDEZ FASHION CENTER Worksheet For the Year Ended November 30, 2015 Adj. Trial Balance Income Statement Account Titles Trial Balance Adjustments Balance Sheet Cr Cr Cr. Dr Dr Dr Cr Cash Accounts Receivable Inventory Supplies Equipment Accum. 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 139,900 Advertising Expense Utilities Expense Maintenance and Repairs Expense 11,670 Freight-Out Rent Expense 9,350 30,090 44,710 6,140 30090 30090 00 4410 2030 T135900 135,900 135900l 40870 150000 44340 4240 29,470 50,000 44,340 54,240 41,150 40870 50000 l 2120 12,130 2130 755,900 7559001 755900 8,970 497,400 970 497700 I 139900 4260 3740 1670 6770 4070 497700 1399001 24260 13740 24,260 13,740 1670 16,770 24,070 6770 24070 Totals Supplies Expense Depreciation Expense Interest Expense Interest Payable 975,100 975,100 Totals Net Loss Totals 10201 121020 19917101 991710 7 57800| 7559001 1233910 235810 1900 1757800 57800 235810 235810 "(b1) Your answer is correct. Prepare a multiple-step income statement for the year. VALDEZ FASHION CENTER Income Statement For the Year Ended November 30, 2015 ales ales Revenue ss: Sales Returns and Allowances et Sales ost of Goods Sold ross Profit perating Expenses $1755900 46930 197700 49230 Salaries and Wages Expensel$139900 dvertising Expense 4260 ies Expense Maintenance and Repairs Expense Freight-out 13740 1670 6770 4070 110 1400 nt Expense upplies Expense epreciation Expensel otal Operating Expenses ncome from Operations ther Expenses and Losses nterest Expensel et Income (Loss) 245920 310 210 1900) "(b2) Your answer is correct Prepare an retained earnings statement for the year. (List iten VALDEZ FASHION CENTER Retained Earnings Statement For the Year Ended November 30, 2015 1150 Retained Earnings, December 1, 2014 ess $T(1900) 12130) Net Income/(Loss) Dividends 14030 7120 Retained Earnings, November 30, 2015 "(b3) Your answer is partially correct. Try again. Prepare a classified balance sheet as of November 30, 2015. Notes payable of $19,480 are due in January 2016. (List VALDEZ FASHION CENTER Balance Sheet November 30, 2015 rent Assets shl counts Receivable 9350 0090 ies 0301 85880 otal Current Assets ntangible Assets 35900 quipment cumulated De tion-Equi 40870 95030 180910 Total Assets Equity ilities and t Liabilities 43401 counts Payablel 5210 nterest Payable otal Current Liabilities g-term Liabilities Notes Payable Total Liabilities 99sso 50 tockholders' Equ 54240 mon Stock 7120 ained otal Stockholders' Equit otal Liabilities and Stockholders' Equit 1360 80910