Prepare financial statements from accounts

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Salaries expense 71 000 DR Dividends declared 11 000 DR Income tax payable 2 800 CR Accumulated depreciation 94 000 CR Land 63 000 DR Cash at bank 18 000 DR Employee benefits expense 13 100 DR Income tax expense 6 900 DR Tax deductions payable 5 400 CR Credit sales revenue 346 200 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 5 500 CR Beginning retained profits 92 800 CR Depreciation expense 26 700 DR Accounts payable 41 000 CR Cost of goods sold 161 600 DR Interest revenue 1 700 CR Insurance expense 11 200 DR Building 243 000 DR Share capital 200 000 CR Trucks and equipment 182 500 DR Office expenses 31 100 DR Salaries payable 4 100 CR Mortgage payable 114 000 CR Miscellaneous expenses 8 200 DR Bank loan owing 21 800 CR Interest expense 16 800 DR 1 Look at the list of accounts (in no particular order) of Geewhiz Productions at 30 November 2021 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 2021.
b A note calculating retained profits for the year ended on that date.
c Balance sheet at 30 November 2021.
5 Comment briefly on what the financial statements show about the company’s performance for 2021 and its financial position at 30 November 2021.