The trial balance of Valdez Fashion Center contained the following accounts at N

Question

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, 2017 Debit Credit Cash $ 8,700 Accounts Receivable 28,200 Inventory 42,400 Supplies 6,200 Equipment 136,000 Accumulated Depreciation—Equipment $ 28,000 Notes Payable 50,500 Accounts Payable 36,100 Common Stock 60,000 Retained Earnings 40,000
Dividends 12,000 Sales Revenue 755,200 Sales Returns and Allowances 9,000 Cost of Goods Sold 497,500 Salaries and Wages Expense 139,800 Advertising Expense 24,100 Utilities Expense 13,600 Maintenance and Repairs Expense 12,000 Freight-Out 16,400 Rent Expense 23,900   Totals $969,800 $969,800

Adjustment data:

1. Supplies on hand totaled $2,300. 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 $41,900. 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, 2017 Debit Credit Cash $ 8,700 Accounts Receivable 28,200 Inventory 42,400 Supplies 6,200 Equipment 136,000 Accumulated Depreciation—Equipment $ 28,000 Notes Payable 50,500 Accounts Payable 36,100 Common Stock 60,000 Retained Earnings 40,000
Dividends 12,000 Sales Revenue 755,200 Sales Returns and Allowances 9,000 Cost of Goods Sold 497,500 Salaries and Wages Expense 139,800 Advertising Expense 24,100 Utilities Expense 13,600 Maintenance and Repairs Expense 12,000 Freight-Out 16,400 Rent Expense 23,900   Totals $969,800 $969,800

Adjustment data:

1. Supplies on hand totaled $2,300. 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 $41,900. VALDEZ FASHION CENTER Trial Balance November 30, 2017 VALDEZ FASHION CENTER Trial Balance November 30, 2017 Debit Credit $ 8,700 28,200 42,400 6,200 136,000 $ 28,000 50,500 36,100 60,000 12,000 755,200 9,000 497,500 139,800 24,100 13,600 12,000 16,400 23,900 $969,800 $969,800 VALDEZ FASHION CENTER Trial Balance November 30, 2017 Debit Credit Cash $ 8,700 Accounts Receivable 28,200 Inventory 42,400 Supplies 6,200 Equipment 136,000 Accumulated Depreciation—Equipment $ 28,000 Notes Payable 50,500 Accounts Payable 36,100 Common Stock 60,000 Retained Earnings 40,000
Dividends 12,000 Sales Revenue 755,200 Sales Returns and Allowances 9,000 Cost of Goods Sold 497,500 Salaries and Wages Expense 139,800 Advertising Expense 24,100 Utilities Expense 13,600 Maintenance and Repairs Expense 12,000 Freight-Out 16,400 Rent Expense 23,900   Totals $969,800 $969,800 Pad The trial balance of Valdez Fashion Center contained the following accounts at November 30, the end of the company's fiscal year s 8,700 28,200 42,400 Accounts Receivable 136,000 Notes Payable Accounts Payable Cemmon Stock Retained Earnings s28,000 50,500 6,100 60,000 12,000 Sales Revenue Cost of Goods Sold Salaries and Wages Expense Advertising Expense Utilities Expense Maintenance and Repairs Expense 9,000 497,500 139,800 24,100 13,600 12,000 16,400 23,900 $969,800 Rent Expense $969,800 Adjustment data: 1. Supplies on hand totaled $2,300. 2. Depreciation is $13,500 on the equipment 3. Interest of $4,000 is accrued on notes payable at November 30 Inventory actually on hand is $41,900 Adj. Trial Bala 8,700 Accounts Receivable 28,200 Notes Payable Accounts Payable Common Stock Retained Earnings 36,100 12,000

Explanation / Answer

9000

498000

139800

24100

13600

12000

16400

23900

Income Statement Revenue: Sales Revenue 755200 Less: Sales Return and Allowance 9000 Net Sale 746200 Less: Expense: Cost of Goods Sold 498000 Gross Margin 248200 Less:Operating Expenses: Salaries and Wages Expense 139800 Advertising Expense 24100 Utilities Expense 13600 Maintenance and Repairs Expense 12000 Freight-Out 16400 Rent Expense 23900 Supplies Expense 3900 Depreciation Expense 13500 Total Operating Expense 247200 Net Operating Income 1000 Non-Operating item: Less: Interest Expense 4000 Net Income/(Loss) -3000 Retained Earning Statement Beginning Balance 40000 Less: Net Loss 3000 Dividend 12000 15000 Ending Balance 25000 Balance Sheet Current Assets: Cash 8700 Accounts Receivable 28200 Inventory 41900 Supplies 2300 Total Current Assets 81100 Fixed Assets: Equipment 136000 Less: Accumulated Depreciation 41500 94500 Total Assets 175600 Current Liabilties: Note Payable 50500 Accounts Payable 36100 Interest Payable 4000 Total Current Liabilties 90600 Other Liabilities: 0 Total Liabilities 90600 Equity: Common Stock 60000 Retained Earning 25000 Total Equity 85000 Total Liabilities and Equity 175600

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