Post closing trial balance september 30 debit credit

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Post-Closing Trial Balance September 30 Debit Credit Cash ............................................ .................................................... $12,133 Accounts Receivable 6,950 Supplies 612 Equipment 17,280 Accumulated Depreciation— Equipment $ 288 Accounts Payable 13,680 Owner’s Capital 23,007 Totals $36,975 $36,975
PROBLEM 3-4 (a) Nov. 30 Supplies Expense ...................................................... 4,000 Supplies ............................................................ 4,000 30 Depreciation Expense ............................................... 15,000 Accumulated Depreciation— Equipment .................................................... 15,000 30 Interest Expense ........................................................ 11,000 Interest Payable ............................................... 11,000
PROBLEM 3-4 (Continued) (b) BELLEMY FASHION CENTER Adjusted Trial Balance November 30, 2014 Dr. Cr. Cash ............................ $ 28,700 Accounts Receivable 33,700 Inventory .................... 45,000 Supplies ...................... 1,500 Equipment .................. 133,000 Accumulated Depr. — Equipment ............. $ 39,000 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 ...... 14,000 Maintenance and Repairs Expense ........ 12,100 Delivery Expense ....... 16,700 Rent Expense ............. 24,000 Supplies Expense ...... 4,000 Depreciation Expense ...................... 15,000 Interest Expense ........ 11,000 Interest Payable ......... 11,000 Totals .................... $1,004,700 $1,004,700
PROBLEM 3-4 (Continued) (c) BELLEMY FASHION CENTER Income Statement For the Year Ended November 30, 2014 Sales revenue Sales $757,200 Less: Sales returns and allowances 4,200 Net sales 753,000 Cost of goods sold 495,400 Gross profit 257,600 Operating expenses Selling expenses Salaries and wages expense ($140,000 X 70%) $98,000 Advertising expense 26,400 Rent expense ($24,000 X 80%) 19,200
Delivery expense 16,700 Utilities expenses ($14,000 X 80%) 11,200 Depreciation Expense 15,000 Supplies expense 4,000 Total selling expenses $190,500 Administrative expenses Salaries and wages expense ($140,000 X 30%) 42,000 Maintenance and Repairs Expen se 12,100 Rent expense ($24,000 X 20%) 4,800 Utilities expenses ($14,000 X 20%) 2,800 Total admin. expenses 61,700 Total oper. expenses 252,200
Income from operations 5,400 Other expenses and losses Interest expense 11,000 Net loss ....................... ..................................... ($ 5,600 )
PROBLEM 3-4 (Continued) BELLEMY FASHION CENTER Retained Earnings Statement For the Year Ended November 30, 2014 Retained earnings, December 1, 2013 $8,000 Less: Net loss 5,600 Retained earnings, November 30, 2014 $2,400 BELLEMY FASHION CENTER Balance Sheet November 30, 2014 Assets Current assets Cash $28,700 Accounts receivable 33,700 Inventory 45,000 Supplies 1,500 Total current assets $108,900 Property, plant, and equipment Equipment 133,000
Accumulated depreciation— equipment 39,000 94,000 Total assets $202,900 Liabilities and Stockholders’ Equity Current liabilities Notes payable due next year ...................................... $30,000 Accounts payable ....................................................... 48,500 Interest payable ........................................................... 11,000 Total current liabilities .................................... $ 89,500 Long-term liabilities Notes payable .............................................................. 21,000 Total liabilities .................................................. 110,500 Stockholders’ equity Common stock ............................................................ 90,000 Retained earnings ....................................................... 2,400 92,400 Total liabilities and stockholders’ equity ............................................................ $202,900
PROBLEM 3-4 (Continued) (d) Nov. 30 Sales Revenue ................................................................. 757,200 Income Summary ................................................... 757,200 30 Income Summary ............................................................ 762,800 Sales Returns and Allowances ............................. 4,200 Cost of Goods Sold ............................................... 495,400 Salaries and Wages Expense ............................... 140,000 Advertising Expense ............................................. 26,400 Utilities Expense .................................................... 14,000 Maintenance and Repair Expense ....................... 12,100 Delivery Expense ................................................... 16,700 Rent Expense ......................................................... 24,000 Supplies Expense .................................................. 4,000 Depreciation Expense ........................................... 15,000 Interest Expense .................................................... 11,000 30 Retained Earnings ........................................................... 5,600 Income Summary ................................................... 5,600
(e) BELLEMY FASHION CENTER Post-Closing Trial Balance November 30, 2014 Debit Credit Cash ............................................

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