Question

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Problem 3-04 The trial balance of Vaughn Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. Credit VAUGHN FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 Debit Cash $33,330 Accounts Receivable 37,120 Inventory 48,420 Supplies 8,920 Equipment 139,840 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 138,440 Advertising Expense 27,610 Utilities Expenses 15,560 Maintenance and Repairs Expense 12,100 Delivery Expense 16,700 Rent Expense 25,210 Totals $1,002,850 y Policy 1 2000-2020 John Wiley & Sons, Inc. All Rinhts Reserved $26,420 54,420 51,920 93,420 11,420 765,250 $1,002,850 i n

Answer 1

Adjusted Trial Balance
Account Titles	Debit	Credit
Cash	$           33,330
Accounts Receivable	$           37,120
Inventory	$           48,420
Supplies	$              4,920
Equipment	$        1,39,840
Accumulated Depreciation		$            43,235
Notes Payable		$            54,420
Accounts Payable		$            51,920
Interest Payable		$            10,640
Common Stock		$            93,420
Retained Earnings		$            11,420
Sales Revenue		$        7,65,250
Sales Returns and Allowances	$              4,200
Cost of Goods Sold	$        4,95,400
Salaries and Wages Expense	$        1,38,440
Advertising Expense	$           27,610
Utilities Expense	$           15,560
Maintenance and Repairs Expense	$           12,100
Delivery Expense	$           16,700
Rent Expense	$           25,210
Supplies Expense	$              4,000
Interest Expense	$           10,640
Depreciation Expense	$           16,815
Total	$     10,30,305	$      10,30,305

Income Statement
Revenues
Sales Revenue			$      7,65,250
Less : Sales returns and allowances			$            4,200
Net Sales Revenue			$      7,61,050
Cost of Goods Sold			$      4,95,400
Gross Profit			$      2,65,650
Operating Expense
Selling Expenses
Salaries and Wages Expense	$           96,908
Rent Expense	$           20,168
Utilities Expense	$           12,448
Delivery Expense	$           16,700
Total Selling Expenses		$        1,46,224
Administrative Expenses
Salaries and Wages Expense	$           41,532
Advertising Expense	$           27,610
Utilities Expense	$              3,112
Maintenance and Repairs Expense	$           12,100
Rent Expense	$              5,042
Supplies Expense	$              4,000
Depreciation Expense	$           16,815
Total Administrative Expenses		$        1,10,211
Total Operating Expenses			$      2,56,435
Operating Income			$           9,215
Interest Expense			$         10,640
Net Income			$          -1,425

Statement of Retained Earnings
Beginning Balance	$           11,420
Add : Net income	$            -1,425
Less Dividend	$                    -
Ending Balance	$             9,995

Balance Sheet
Assets
Current Assets
Cash	$           33,330
Accounts Receivable	$           37,120
Inventory	$           48,420
Supplies	$              4,920
Total Current Assets		$        1,23,790
Long Term assets
Property, Plant and Equipment
Equipment	$        1,39,840
Less Accumulated Depreciation	$          -43,235	$            96,605
Total Assets		$        2,20,395
Liabilities
Current Liabilities
Accounts Payable	$           51,920
Interest Payable	$           10,640
Current Maturity of Notes Payable	$           30,000
Total Current Liabilities		$           92,560
Long term Liabilities
Notes Payable		$            24,420
Total Liabilities		$        1,16,980
Stockholder's Equity
Common Stock	$           93,420
Retained Earnings	$              9,995
Total Stockholder's Equity		$        1,03,415
Total Liabilities & Stockholder's Equity		$        2,20,395