1. prepare retained earnings statement for the year.

2. prepare a classified balance sheet as of Nov. 30, 2020.

Problem 3-04 The trial balance of Kingbird Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. Credit KINGBIRD FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 Debit Cash $33,600 Accounts Receivable 37,300 Inventory 48,600 Supplies 9,100 Equipment 140,200 Accumulated Depreciation Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Sales Revenue Sales Returns and Allowances 4,200 Cost of Goods Sold 495,400 Salaries and Wages Expense 138,200 Advertising Expense 27,700 Utilities Expenses 15,800 Maintenance and Repairs Expense 12,100 Delivery Expense 16,700 Rent Expense 25,300 Totals $1,004,200 $26,600 54,600 52,100 93,600 11,600 765,700 $1,004,200 140,200 $26,600 54,600 52,100 93,600 11,600 765,700 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 4,200 495,400 138,200 27,700 15,800 12,100 16,700 25,300 $1,004,200 $1,004,200 Adjustment data: 1. Supplies on hand totaled $5,100. 2. Depreciation is $16,950 on the equipment. 3. Interest of $10,090 is accrued on notes payable at November 30. Other data: 1. Salaries expense is 70% selling and 30% administrative. 2. Rent expense and utilities expenses are 80% selling and 20% administrative. 3. $30,000 of notes payable are due for payment next year. 4. Maintenance and repairs expense is 100% administrative. Prepare retained earnings statement for the year. KINGBIRD FASHION CENTER Retained Earnings Statement November 30, 2020 Retained Earnings, December 1, 2019 Less : Net Income / (Loss) Prepare a classified balance sheet as of November 30, 2020. (List current assets in order of liquidity.) KINGBIRD FASHION CENTER Balance Sheet November 30, 2020 Assets Current Assets Cash Accounts Receivable Inventory Supplies