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 Cash $ 8,870 Accounts Receivable 29,030 Inventory 42,670 Supplies 6,150 Equipment 130,100 Accumulated Depreciation—Equipment $ 28,020 Notes Payable 51,000 Accounts Payable 32,730 Common Stock 53,860 Retained Earnings 43,040 Dividends 10,760 Sales Revenue 755,200 Sales Returns and Allowances 8,910 Cost of Goods Sold 497,200 Salaries and Wages Expense 139,700 Advertising Expense 24,290 Utilities Expense 13,730 Maintenance and Repairs Expense 12,060 Freight-Out 16,460 Rent Expense 23,920 Totals $963,850 $963,850 Adjustment data: 1. Supplies on hand totaled $2,180. 2. Depreciation is $11,400 on the equipment. 3. Interest of $4,360 is accrued on notes payable at November 30. 4. Inventory actually on hand is $42,470.

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

Prepare a multiple-step income statement for the year.

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

Prepare a classified balance sheet as of November 30, 2015. Notes payable of $18,320 are due in January 2016. (List current assets in order of liquidity.)

Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Journalize the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Prepare a post-closing trial balance.

Answer rating: 100% (QA)

Worksheet for Valdez Fashion Center Account Title Trial Balance Adjustment Adjusted Trial Balance Cash 8870 8870 Accounts Receivable 29030 29030 Inven... View the full answer