Prepare a classified balance sheet as of november 30 2014

Question

VALDEZ FASHION CENTER Trial Balance November 30, 2014
		Debit		Credit
Cash		$ 8,240
Accounts Receivable		30,700
Inventory		45,050
Supplies		6,150
Equipment		131,500
Accumulated Depreciation—Equipment				$ 27,620
Notes Payable				52,000
Accounts Payable				44,490
Owner’s Capital				90,660
Owner’s Drawings		13,030
Sales Revenue				755,800
Sales Returns and Allowances		8,840
Cost of Goods Sold		497,300
Salaries and Wages Expense		139,500
Advertising Expense		24,080
Utilities Expense		13,730
Maintenance and Repairs Expense		12,080
Freight-out		16,730
Rent Expense		23,640
Totals		$970,570		$970,570

Adjustment data:

1.		Supplies on hand totaled $2,230.
2.		Depreciation is $11,200 on the equipment.
3.		Interest of $5,580 is accrued on notes payable at November 30.
4.		Inventory actually on hand is $44,850.

A)Complete the worksheet.

VALDEZ FASHION CENTER Worksheet For the Year Ended November 30, 2014

Account Titles

Trial Balance

Adjustments

Adj. Trial Balance

Income Statement

Balance Sheet

Dr.

Cr.

Dr.

Cr.

Dr.

Cr.

Dr.

Cr.

Dr.

Cr.

Cash

8,240

Accounts Receivable

30,700

Inventory

45,050

Supplies

6,150

Equipment

131,500

Accum. Depreciation—Equipment

27,620

Notes Payable

52,000

Accounts Payable

44,490

Owner’s Capital

90,660

Owner’s Drawings

13,030

Sales Revenue

755,800

Sales Returns and Allowances

8,840

Cost of Goods Sold

497,300

Salaries and Wages Expense

139,500

Advertising Expense

24,080

Utilities Expense

13,730

Maintenance and Repairs Expense

12,080

Freight-out

16,730

Rent Expense

23,640

Totals

970,570

970,570

Supplies Expense

Depreciation Expense

Interest Expense

Interest Payable

Totals

Net Loss

Totals

B) Prepare a multiple-step income statement for the year and an owner's equity statement

C) Prepare a classified balance sheet as of November 30, 2014. Notes payable of $18,260 are due in January 2015.

D) Journalize the adjusting entries

E) Prepare a post-closing trial balance