Problem 3-4 The trial balance of Teal Fashion Center contained the following acc

Question

Problem 3-4 The trial balance of Teal Fashion Center contained the following accounts at November 30, the end of the company's fiscal year TEAL FASHBON $33,410 Accounts Receivabl Buppliea 39,900 $26,520 54,450 Notes Payabla Acoounts Payable Retained Eamings Salea Fwenue Sales Returns and Allowances 03,450 1,450 765360 t of Goods Sold Salaries and Waes Expense Advertising Expense lts Expensas Maintenance and Repairs Expense Dewery Expense Rent Expense 4,200 495,400 138,400 27,800 15,600 12,100 16,700 Adjustment data 1. Supples on hand totaled $4,950 2. Depreciation #1 6800 on the equipment. 3. Interest of $11,720 is aocrued on notes payable at Nowember a0 Other data 2. 3. 4. Rent expense and uclities expenses are 80% selling and 20% adrinistrative. $30,000 of notes payable are due for payment next year Maintenance and repara espensù ia 1 00% administratie

Explanation / Answer

Sarasota Fashion center Post-closing Trial balance November 30,2017 Particulars Debit Credit Cash 33410 Accounts receivable 37150 Inventory 48450 Supplies 4950 Supplies Expense 4000 Equipment 139900 Accumulated depreciation 43320 Depreciation 16800 Interest Expense 11720 Interest Expense payable 11720 Net Loss 2480 Notes payable 54450 Accounts payable 51950 Common stock 93450 Retained earnings 8970 Sales revenue 765360 Sales returns and allowance 4200 Cost of goods sold 495400 Salaries and wages expenses 138400 Advertising expenses 27660 Utilities expenses 15600 Maintenance and repairs expenses 12100 delivery expenses 16700 Rent expenses 25260 1031700 1031700 Journal Entry Supplies Expense(8950-4950) 4000 To Supplies 4000 Depreciation Expense 16800 To Accumulated depreciation - Equipment 16800 Interest Expense 11720 To Interest payable 11720 Income statement Sales Revenue 765360 Less: Sales return and allowances -4200 Net Sales 761160 Less : Cost of goods Sold -495400 Gross Profit 265760 Operating Expenses Selling Expenses Advertising expenses 27660 Salaries and wages 96880 delivery expenses 16700 Rent expenses 20208 Administrative Expenses Supplies expense 4000 Utilities expense 15600 Maintenance and repairs expenses 12100 Salaries and wages 41520 Rent expenses 5052 Depreciation 16800 Total Operating expenses -256520 Net Income 9240 Less : Interest 11720 Net income before tax -2480 Retained earnings 2480 To Net Loss 2480

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