1. Look at the list of accounts (in no particular order) of Geewhiz Productions at 30 November 2015 and decide which ones are income statement accounts.
2. Calculate net profit based on your answer to question 1.
3. Calculate ending retained profits based on your answer to question 2.
4. Prepare the following financial statements, demonstrating that your answers to questions 2 and 3 are correct.

a. Income statement for the year ended 30 November 2015.
b. A note calculating retained profits for the year ended on that date.

c. Balance sheet at 30 November 2015.
5. Comment briefly on what the financial statements show about the company's performance for 2015, and its financial position at 30 November 2015.

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$ Salaries expense 71000 DR Dividends declared 11000 DR Income tax payable 2800 CR Accumulated depreciation 94000 CR Land 63000 DR Cash at bank 18000 DR Employee benefits expense 13100 DR Income tax expense 6900 DR Tax deductions payable 5400 CR Credit sales revenue 346200 CR Accounts receivable 16 400 DR Inventory on hand 68 000 DR Cash sales revenue 21.600 CR Prepaid insurance 2 400 DR Dividends payable 5500 CR Beginning retained profits 92 800 CR Depreciation expense 26700 DR Accounts payable 41000 CR Cost of goods sold Insurance expense 161600 DR Interest revenue 1700 CR 11200 DR Building 243 000 DR Share capital 200000 CR Trucks and equipment 182500 DR Office expenses 31 100 DR. Salaries payable 4100 CR Mortgage payable 114000 CR Miscellaneous expenses 8 200 DR Bank loan owing 21 800 CR Interest expense 16800 DR