ASLUI Sandhill Department Store is located in midtown Metropolis. During the past several years, net income has been declining because suburban shopping centers have been attracting business away from city areas. At the end of the company's fiscal year on November 30, 2022, these accounts appeared in its adjusted trial balance. Accounts Payable Accounts Receivable Accumulated Depreciation--Equipment Cash Common Stock Cost of Goods Sold Freight-Out Equipment Depreciation Expense Dividends Gain on Disposal of Plant Assets Income Tax Expense Insurance Expense Interest Expense Inventory Notes Payable Prepaid Insurance Advertising Expense Rent Expense Retained Earnings Salaries and Wages Expense Sales Revenue Salaries and Wages Payable Sales Returns and Allowances Utilities Expense $36,800 23,900 95,200 11.200 49.000 853,530 8,910 222,680 19,300 16,800 2.800 14.000 12.600 7.000 36.500 60.900 8.400 46,900 47.600 19.700 166,180 1.265.000 8,400 28.000 14.300 MacBook Air SANDHILL DEPARTMENT STORE Income Statement For the Year Ended November 30, 2022 Sales Sales Revenue 1,265,000 28,000 Sales Returns and Allowances Less : 1.237,000 Net Sales 853 530 i Cost of Goods Sold 383.470 Gross Profit Operating Expenses $ 8,910 Freight-Out 19.300 Depreciation Expense 12,600 Insurance Expense 46,900 i Advertising Expense 47.600 Rent Expense Salaries and Wages Expense Depreciation Expense 19.300 i Insurance Expense 12,600 i Advertising Expense 46,900 Rent Expense 47.600 i Salaries and Wages Expense 166,180 Utilities Expense 14,300 Total Operating Expenses 315.790 i 67 680 Income From Operations Other Revenues and Gains 2.800 Gain on Disposal of Plant Assets Other Expenses and Losses 7,000 Interest Expense 63.480 Income Before Income Taxes 14.000 Income Tax Expense 49.480 Net Income/(Loss) (a2) Prepare a retained earnings statement. (List items that increase retained earnings first.) SANDHILL DEPARTMENT STORE Retained Earnings Statement Add V: Net Income /(Loss) Less : Dividends e Textbook and Media Atter List of Accounts Save for Later