In: Accounting
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 |
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Debit |
Credit |
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Cash |
$ 8,100 |
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Accounts Receivable |
28,700 |
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Inventory |
44,700 |
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Supplies |
6,100 |
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Equipment |
132,000 |
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Accumulated Depreciation—Equipment |
$ 26,000 |
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Notes Payable |
51,000 |
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Accounts Payable |
33,600 |
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Common Stock |
60,000 |
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Retained Earnings | 40,000 | |||
Dividends |
10,500 |
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Sales Revenue |
755,600 |
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Sales Returns and Allowances |
8,700 |
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Cost of Goods Sold |
497,100 |
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Salaries and Wages Expense |
140,000 |
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Advertising Expense |
24,200 |
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Utilities Expense |
13,600 |
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Maintenance and Repairs Expense |
12,100 |
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Freight-Out |
16,400 |
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Rent Expense |
24,000 |
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Totals |
$966,200 |
$966,200 |
Adjustment data:
1. | Supplies on hand totaled $2,400. | |
2. | Depreciation is $13,500 on the equipment. | |
3. | Interest of $4,000 is accrued on notes payable at November 30. | |
4. | Inventory actually on hand is $44,300. |
A: Prepare a multiple-step income statement for the year. (enter negative amounts using negative sign or parentheses).
B: Prepare an owner's equity (retained earnings) statement for the year.
C: Prepare a post closing trial balance.