Adjusting Journal entries | |||||
Date | Account Titles | Debit | Credit | ||
Nov.30 | Supplies Expense | $4,000.00 | |||
Supplies | $4,000.00 | ||||
(to record supplies used) | |||||
Nov.30 | Depreciation Expense | $15,000.00 | |||
Accumulated Depreciation-Equipment | $15,000.00 | ||||
(to record depreciation on equipment) | |||||
Nov.30 | Interest Expense | $11,000.00 | |||
Interest Payable | $11,000.00 | ||||
(to record interest accrued on notes payable) | |||||
BELLEMY FASHION CENTER | |||||
Income statement | |||||
For the year ended Nov.30,2017 | |||||
Income | |||||
Sales Revenue,Gross | $757,200.00 | ||||
Less : Sales returns and allowances | $4,200.00 | ||||
Sales Revenue,Net | $753,000.00 | ||||
Less : Cost of goods sold | $495,400.00 | ||||
Gross Margin | $257,600.00 | ||||
Expenses | |||||
Selling Expenses | |||||
Salaries and Wages Expense | $98,000.00 | ||||
Advertising Expense | $26,400.00 | ||||
Utilities Expense | $11,200.00 | ||||
Delivery Expense | $16,700.00 | ||||
Rent Expense | $19,200.00 | ||||
Total Selling Expenses | $171,500.00 | ||||
Administrative Expenses | |||||
Salaries and Wages Expense | $42,000.00 | ||||
Utilities Expense | $2,800.00 | ||||
Maintenance and Repairs Expense | $12,100.00 | ||||
Rent Expense | $4,800.00 | ||||
Supplies Expense | $4,000.00 | ||||
Depreciation Expense | $15,000.00 | ||||
Total Administrative Expenses | $80,700.00 | ||||
Total Selling and Administrative Expenses | $252,200.00 | ||||
Operating Profit | $5,400.00 | ||||
Less : Interest Expenses | $11,000.00 | ||||
Net Income (Loss) | -$5,600.00 | ||||
BELLEMY FASHION CENTER | |||||
Balance Sheet | |||||
as on Nov.30,2017 | |||||
Assets | |||||
Current Assets | |||||
Cash | $28,700.00 | ||||
Accounts Receivables | $33,700.00 | ||||
Inventory | $45,000.00 | ||||
Supplies | $1,500.00 | ||||
Total Current Assets | $108,900.00 | ||||
Fixed Assets | |||||
Equipment ,Gross | $133,000.00 | ||||
Less : Accumulated Depreciation , Equipment | $39,000.00 | ||||
Equipment,Net | $94,000.00 | ||||
Total Assets | $202,900.00 | ||||
Liabilities and Stockholders Equity | |||||
Current Liabilities | |||||
Notes Payable | $30,000.00 | ||||
Interest Payable | $11,000.00 | ||||
Accounts Payable | $48,500.00 | ||||
Total Current Liabilities | $89,500.00 | ||||
Long term debt | |||||
Notes Payable | $21,000.00 | ||||
Total Liabilities | $110,500.00 | ||||
Stockholders Equity | |||||
Common stock | $90,000.00 | ||||
Retained Earnings | $2,400.00 | ||||
Total Stcokholders Equity | $92,400.00 | ||||
Total Liabilities and Stockholders Equity | $202,900.00 | ||||
BELLEMY FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2017 Debit $28,700 33,700 45,000 5,500 133,000 Credit Cash...
The trial balance of Bellemy Fashion Center contained the following accounts at November 30, the end of the company’s fiscal year. Bellemy Fashion Center Trial Balance November 30, 2020 Debit Credit Cash $ 28,700 Accounts Receivable 33,700 Inventory 45,000 Supplies 5,500 Equipment 133,000 Accumulated Depreciation—Equipment $ 24,000 Notes Payable 51,000 Accounts Payable 48,500 Common Stock 90,000 Retained Earnings 8,000 Sales Revenue 757,200 Sales Returns and Allowances 4,200 Cost of Goods Sold 495,400 Salaries and Wages Expense 140,000 Advertising Expense 26,400 Utilities Expenses...
The trial balance of Bellemy Fashion Center contained the following accounts at November 30, the end of the company’s fiscal year. Bellemy Fashion Center Trial Balance November 30, 2020 Debit Credit Cash $ 28,700 Accounts Receivable 33,700 Inventory 45,000 Supplies 5,500 Equipment 133,000 Accumulated Depreciation—Equipment $ 24,000 Notes Payable 51,000 Accounts Payable 48,500 Common Stock 90,000 Retained Earnings 8,000 Sales Revenue 757,200 Sales Returns and Allowances 4,200 Cost of Goods Sold 495,400 Salaries and Wages Expense 140,000 Advertising Expense 26,400 Utilities Expenses...
The trial balance of Bellemy Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. BELLEMY FASHION CENTER Trial Balance November 30, 2010 Debit Credit Cash $28,700 Accounts Receivable 33,700 Merchandise Inventory 45,000 Store Supplies 5,500 Store Equipment 85,000 Acc. Depreciation - Store Equipment $18,000 Delivery Equipment 48,000 Acc. Depreciation - Delivery Equipment 6,000 Notes Payable 51,000 Accounts Payable 48,500 Common Stock 90,000 Retained Earnings 8,000 Sales 757,200 Sales Returns and Allowances 4,200 Cost...
The trial balance of Crane Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. Credit CRANE FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 Debit Cash $32,700 Accounts Receivable 36,700 Inventory 48,000 Supplies 8,500 Equipment 139,000 Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Sales Revenue Sales Returns and Allowances 4,200 Cost of Goods Sold 495,400 Salaries and Wages Expense 139,000 Advertising Expense 27,400 Utilities Expenses 15,000 Maintenance and Repairs Expense 12,100...
The trial balance of Crane Fashion Center contained the following accounts at November 30, the end of the company’s fiscal year. CRANE FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 Debit Credit Cash $32,700 Accounts Receivable 36,700 Inventory 48,000 Supplies 8,500 Equipment 139,000 Accumulated Depreciation-Equipment $26,000 Notes Payable 54,000 Accounts Payable 51,500 Common Stock 93,000 Retained Earnings 11,000 Sales Revenue 764,200 Sales Returns and Allowances 4,200 Cost of Goods Sold 495,400 Salaries and Wages Expense 139,000 Advertising Expense 27,400 Utilities Expenses...
Problem 3-04 The trial balance of Whispering Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. Credit 48,300 WHISPERING FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 Debit Cash $33,150 Accounts Receivable 37,000 Inventory Supplies 8,800 Equipment 139,600 Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Sales Revenue Sales Returns and Allowances 4,200 Cost of Goods Sold 495,400 Salaries and Wages Expense 138,600 Advertising Expense 27,550 Utilities Expenses 15,400 Maintenance and Repairs...
Problem 3-04 The trial balance of Sheridan Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. Credit SHERIDAN FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 Debit Cash $32,970 Accounts Receivable 36,880 Inventory 48,180 Supplies 8,680 Equipment 139,360 Accumulated Depreciation Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Sales Revenue Sales Returns and Allowances 4,200 Cost of Goods Sold 495,400 Salaries and Wages Expense 138,760 Advertising Expense 27,490 Utilities Expenses 15,240 Maintenance and...
The trial balance of Sweet Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. SWEET FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2017 Debit Credit $33,780 37,420 48,720 9,220 140,440 Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Sales Revenue Sales Returns and Allowances Cost of Goods Sold Salaries and Wages Expense Advertising Expense Utilities Expenses Maintenance and Repairs Expense Delivery Expense Rent Expense Totals $26,720...
The trial balance of Bramble Fashion Center contained the following accounts at November 30, the end of the company’s fiscal year. BRAMBLE FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 Debit Credit Cash $33,320 Accounts Receivable 37,090 Inventory 48,390 Supplies 8,890 Equipment 139,780 Accumulated Depreciation-Equipment $26,460 Notes Payable 54,390 Accounts Payable 51,890 Common Stock 93,390 Retained Earnings 11,390 Sales Revenue 765,210 Sales Returns and Allowances 4,200 Cost of Goods Sold 495,400 Salaries and Wages Expense 138,480 Advertising Expense 27,630 Utilities Expenses...
WINDSOR FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2017 Debit Credit $33,420 37,180 48,480 8,980 139,960 Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Sales Revenue Sales Returns and Allowances Cost of Goods Sold Salaries and Wages Expense Advertising Expense Utilities Expenses Maintenance and Repairs Expense Delivery Expense Rent Expense Totals $26,480 54,480 51,980 93,480 11,480 765,400 4,200 495,400 138,360 27,640 15,640 12,100 16,700 25,240 $1,003,300 $1,003,300 We were unable to transcribe this imageWINDSOR...