The trial balance of Valdez Fashion Center contained the fol

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

Solution

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