Question

Please help with all red sections

Problem 5-05A a-e The trial balance of Flounder Fashion Center contained the following accounts at November 30, the end of the company's fiscal year, Credit FLOUNDER FASHION CENTER Trial Balance November 30, 2020 Debit Cash $ 21,100 Accounts Receivable 31,200 Inventory 43,400 Supplies 6,100 Equipment 133,000 Accumulated Depreciation Equipment Notes Payable Accounts Payable Owner's Capital Owner's Drawings 14,000 Sales Revenue Sales Returns and Allowances 9,000 Cost of Goods Sold 497,000 Salaries and Wages Expense 139,500 Advertising Expense 24,100 Utilities Expense 13,500 Maintenance and Repairs Expense 12,000 Freight-out 16,800 23,900 Rent Expense $984,500 Totals $ 26,000 51,000 64,200 88,000 755,400 $984,600 Adjustment data:

Answer 1

755,400 9,000 746,400 497,300 249,100 Flounder Fashion Center Multi-Step Income Statement For the Year Ended November 30, 2020 Sales Revenue Less Sales Returns and Allowances Sales Revenue, Net Less Cost of goods sold Gross Profit Operating expenses Freight out Depreciation expense Advertising expense Rent expense Salaries and wages expense Maintenance and repairs expense Utilities expense Supplies expense Total Operating expenses Income from Operations Other Expenses and Losses Interest expense Net Income (Loss) 16,800 11,200 24,100 23,900 139,500 12,000 13,500 4,100 245,100 4,000 5,400 (1,400) Flounder Fashion Center Owners Equity Statement For the Year Ended November 30, 2020 Owners Capital, Dec 1, 2019 Less Net Income/(Loss) Less Drawings 88,000 (1,400) (14,000) (15,400) 72,600 Owners Capital, Nov 30, 2020

Flounder Fashion Center Balance Sheet As of November 30, 2020 Assets Current Assets Cash Accounts Receivable Inventory Supplies Total Current Assets 21,100 31,200 43,100 2,000 97,400 Property, Plant & Equipment Equipment Accumulated Depreciation Equipment Total Property, Plant & Equipment Total Assets 133,000 37,200 95,800 193,200 Liabilities & Owners Equity Current Liabilities Notes Payable - current portion Accounts Payable Interest Payable Total Current Liabilities 21,500 64,200 5,400 91,100 Long-term Liabilties Notes Payable Total Liabilties 29,500 =51,000-21,500 120,600 Owners Equity Owners Capital Total Liabilities & Owners Equity 72,600 193,200

Credit Closing entries Date Account 30-Nov Sales Revenue Income Summary Debit $ 755,400 $ 755,400 $ 756,800 30-Nov Income Summary Sales Returns and Allowances Cost of goods sold Salaries and wages expense Advertising expense Utilities expense Maintenance and repairs expense Freight out Rent expense Supplies expense Depreciation expense Interest expense $ 9,000 $ 497,300 $ 139,500 $ 24,100 $ 13,500 $ 12,000 $ 16,800 $ 23,900 $ 4,100 $ 11,200 $ 5,400 $ 1,400 30-Nov Owners Capital Income Summary $ 1,400 $ 14,000 30-Nov Owners Capital Owners Drawings $ 14,000

Flounder Fashion Center Account Names Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation Equipment Notes Payable Accounts Payable Interest Payable Owners Capital Totals Post Closing TB Debit Credit 21,100 31,200 43,100 2,000 133,000 37,200 51,000 64,200 5,400 72,600 230,400 230,400