Question

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 Accounts Receivable $33,320 37,090 48,390 8,890 139.780 $26,460 54,390 51,890 93,390 11,390 765,210 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 4,200 495,400 138,480 27,630 15.520 12.100 16,700 25,230 $1,002,730 $1,002,730 Adjustment data: 1. 2. 3. Supplies on hand totaled $4,890. Depreciation is $16,845 on the equipment. Interest of $10,310 is accrued on notes payable at November 30. Other data: 1. 2. 3. Salaries expense is 70% selling and 30% administrative. Rent expense and utilities expenses are 80% selling and 20% administrative. $30,000 of notes payable are due for payment next year. Maintenance and repairs expense is 100% administrative. 4.

The last photo is part of the second photo, but it is just scrolled to the right. Please answer all of the ones highlighted in red.

Answer 1

$ 765,210 $ 4,200 $761,010 $495,400 $ 265,610 BRAMBLE FASHION CENTER Income Statement For the Year Ended November 30, 2020 Sales Revenue Sales Less: Sales Returns and Allowances Net Sales Cost of Goods Sold Gross Profit Operating Expenses Selling Expenses Advertising Expense $27,630 Salaries and Wages Expense $ 96,936 Utilities Expense $12,416 Rent Expense $ 20,184 Delivery Expense $ 16,700 Depreciation Expense $ 16,845 Supplies Expense $ 4,000 Total Selling Expenses $ 167,081 Administartive expenses Maintenance and Repairs Expense $12,100 Salaries and Wages Expense $41,544 Rent Expense $ 5,046 Utilities Expense $ 3,104 Total Administrative Expenses $ 61,794 Total Operating Expenses $228,875

$ 36,735 Income from Operations Other Expenses and Losses Interest Expense Net Income /(Loss) $ 10,310 $ 26,425 Working Notes: Salaries and Wages Expenses Selling Expenses = $138,480*70% = $96,936 Administrative Expense = $138,480*30%= $41,544 Rent Expense Selling expense = $25,230*80% = $20,184 Administrative Expense = $25,230*20%= $5,046 Utilities Expense Selling Expense = $15,520*80% = $12,416 Administrative Expense = $15,520*20%= $3,104 Supplies Expense = $8,890-$4,890 = $4,000