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The trial balance of Valdez Fashion Center contained the following accounts at November 30, the end of the company’s fiscal year. Prepare a multiple-step income statement for the year.

Prepare a multiple-step income statement for the year.

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Answer #1


Problem 5-5A

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

VALDEZ FASHION CENTERTrial BalanceNovember 30, 2015DebitCreditCash$ 9,450Accounts Receivable30,710Inventory43,840Supplies6,100Equipment130,200Accumulated Depreciation—Equipment$ 29,850Notes Payable51,000Accounts Payable38,900Common Stock53,690Retained Earnings40,320Dividends13,480Sales Revenue755,700Sales Returns and Allowances8,670Cost of Goods Sold497,100Salaries and Wages Expense139,700Advertising Expense24,290Utilities Expense13,720Maintenance and Repairs Expense11,700Freight-Out16,720Rent Expense23,780       Totals$969,460$969,460



Adjustment data:

1.Supplies on hand totaled $2,080.2.Depreciation is $11,400 on the equipment.3.Interest of $6,200 is accrued on notes payable at November 30.4.Inventory actually on hand is $43,640.

Prepare a multiple-step income statement for the year.

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