The trial balance of Blossom Fashion Center contained the following accounts at

Question

The trial balance of Blossom Fashion Center contained the following accounts at November 30, the end of the company’s fiscal year.

BLOSSOM FASHION CENTER
TRIAL BALANCE
NOVEMBER 30, 2017

Debit

Credit

$1,004,980

$1,004,980

Adjustment data:

Other data:

1- Prepare an adjusted trial balance.

2- Prepare a multiple-step income statement for the year.

3- Prepare retained earnings statement for the year.

4- Prepare a classified balance sheet as of November 30, 2017. (List current assets in order of liquidity.)

5- Journalize the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

6- Prepare a post-closing trial balance.

BLOSSOM FASHION CENTER
TRIAL BALANCE
NOVEMBER 30, 2017

Debit

Credit

Cash $33,770 Accounts Receivable 37,390 Inventory 48,690 Supplies 9,190 Equipment 140,380 Accumulated Depreciation-Equipment $26,760 Notes Payable 54,690 Accounts Payable 52,190 Common Stock 93,690 Retained Earnings 11,690 Sales Revenue 765,960 Sales Returns and Allowances 4,200 Cost of Goods Sold 495,400 Salaries and Wages Expense 138,080 Advertising Expense 27,780 Utilities Expenses 15,920 Maintenance and Repairs Expense 12,100 Delivery Expense 16,700 Rent Expense 25,380 Totals

$1,004,980

$1,004,980

Explanation / Answer

1) Adjusted Trial Balance Particulars Debit Credit Cash $        33,770.00 Accounts Recievable $        37,390.00 Inventory $        43,500.00 Supplies $          9,190.00 Adjustment for supplies Equipment $      140,380.00 Accumulated Depreciation $        43,830.00 Adjustment for Depreciation Notes Payable $        54,690.00 Accrued Interest $        10,440.00 Interest adjustment Common Stock $        93,690.00 Retained Earnings $        11,690.00 Accounts Payable $        52,190.00 Sales Revenue $      765,960.00 Sales Return and Allowances $          4,200.00 Cost of Goods Sold $      495,400.00 Salaries and Wages Expenses $      138,080.00 Advertisement Expenses $        27,780.00 Utilities Expenses $        15,920.00 maintenance and Repairs expenses $        12,100.00 Depreciation Expenses $        17,070.00 Interest Payale $        10,440.00 Supplies Expense $          5,190.00 Delivery Expenses $        16,700.00 Rent Expenses $        25,380.00 Total $ 1,032,490.00 $ 1,032,490.00 2) Multi Step Income Statement Sales $      765,960.00 Less: Sales Return $        (4,200.00) $      761,760.00 Cost of Goods Sold $   (495,400.00) Gross Profit $      266,360.00 Operating Expenses Selling Expenses Advertisement Expenses $        27,780.00 Salary $        96,656.00 Rent $        20,304.00 Utility Expenses $        12,736.00 Delivery Expenses $        16,700.00 Administrative Expenses Salary $        41,424.00 Rent $          5,076.00 Utility Expenses $          3,184.00 Supplies Expense $          5,190.00 Maintainence expenses $        12,100.00 Depreciation $        17,070.00 Interest Payable $        10,440.00 $      268,660.00 Net Income $        (2,300.00) 3) Retained Earnings Statements Opening Balance $        11,690.00 Less: Loss $        (2,300.00) Closing Balance $          9,390.00 4) Balance Sheet Liabilities Amount Asset Amount Common Stock $        93,690.00 Equiment $      140,380.00 Retained Earning $          9,390.00 Less: Ac Dep $      (43,830.00) $        96,550.00 Notes Payable $        54,690.00 Accounts Recievable $        37,390.00 Accrued Interest $        10,440.00 Inventory $        43,500.00 Accounts Payable $        52,190.00 Supplies $          9,190.00 Cash $        33,770.00 Total $      220,400.00 Total $      220,400.00

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