Cullumber Store is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the companys fiscal year on November 30, 2020, the following accounts appeared in two of its trial balances.

		Unadjusted		Adjusted				Unadjusted		Adjusted
Accounts Payable		$25,200		$25,200		Notes payable		$36,000		$36,000
Accounts Receivable		30,800		30,800		Owners Capital		88,800		88,800
Accumulated Depr.Equipment		34,000		45,000		Owners Drawings		9,500		9,500
Cash		25,500		25,500		Prepaid Insurance		10,300		2,600
Cost of Goods Sold		506,000		506,000		Property Tax Expense				2,500
Freight-Out		6,300		6,300		Property Taxes Payable				2,500
Equipment		147,000		147,000		Rent Expense		15,000		15,000
Depreciation Expense				11,000		Salaries and Wages Expense		96,000		96,000
Insurance Expense				7,700		Sales Revenue		720,000		720,000
Interest Expense		6,500		6,500		Sales Commissions Expense		6,500		11,000
Interest Revenue		1,900		1,900		Sales Commissions Payable				4,500
Inventory		30,000		30,000		Sales Returns and Allowances		8,000		8,000
						Utilities Expense		8,500		8,500

(a1)

Prepare a multiple-step income statement. (List other revenues before other expenses. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

CULLUMBER STORE Income Statement Choose the accounting period For the Month Ended November 30, 2020For the Year Ended November 30, 2020November 30, 2020
Select an opening name for section one DrawingsNet Income / (Loss)Owner's Capital, December 1, 2019Owner's Capital, November 30, 2020SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome from OperationsOther Revenues and GainsOther Expenses and Losses
Enter an income statement item			$Enter a dollar amount
Select between addition and deduction AddLess: Enter an income statement item			Enter a dollar amount
Select a closing name for section one DrawingsNet Income / (Loss)Owner's Capital, December 1, 2019Owner's Capital, November 30, 2020Sales RevenuesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome from OperationsOther Revenues and GainsOther Expenses and Losses			Enter a total amount for section one
Enter an income statement item			Enter a dollar amount
Select a summarizing line for the first part DrawingsNet Income / (Loss)Owner's Capital, December 1, 2019Owner's Capital, November 30, 2020Sales RevenuesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome from OperationsOther Revenues and GainsOther Expenses and Losses			Enter a total amount for the first part
Select an opening name for section two DrawingsNet Income / (Loss)Owner's Capital, December 1, 2019Owner's Capital, November 30, 2020Sales RevenuesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome from OperationsOther Revenues and GainsOther Expenses and Losses
Enter an income statement item	$Enter a dollar amount
Enter an income statement item	Enter a dollar amount
Enter an income statement item	Enter a dollar amount
Enter an income statement item	Enter a dollar amount
Enter an income statement item	Enter a dollar amount
Enter an income statement item	Enter a dollar amount
Enter an income statement item	Enter a dollar amount
Enter an income statement item	Enter a dollar amount
Select a closing name for section two DrawingsNet Income / (Loss)Owner's Capital, December 1, 2019Owner's Capital, November 30, 2020Sales RevenuesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome from OperationsOther Revenues and GainsOther Expenses and Losses			Enter a total amount for section two
Select a summarizing line for the second part DrawingsNet Income / (Loss)Owner's Capital, December 1, 2019Owner's Capital, November 30, 2020Sales RevenuesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome from OperationsOther Revenues and GainsOther Expenses and Losses			Enter a total amount for the second part
Select an opening name for section three DrawingsNet Income / (Loss)Owner's Capital, December 1, 2019Owner's Capital, November 30, 2020Sales RevenuesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome from OperationsOther Revenues and GainsOther Expenses and Losses
Enter an income statement item	Enter a dollar amount
Select an opening name for section four DrawingsNet Income / (Loss)Owner's Capital, December 1, 2019Owner's Capital, November 30, 2020Sales RevenuesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome from OperationsOther Revenues and GainsOther Expenses and Losses
Enter an income statement item	Enter a dollar amount		Enter a subtotal of the two previous amounts
Select a closing name for this statement DrawingsNet Income / (Loss)Owner's Capital, December 1, 2019Owner's Capital, November 30, 2020Sales RevenuesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome from OperationsOther Revenues and GainsOther Expenses and Losses			$Enter a total income or loss amount

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(a2)

Prepare an owner's equity statement. (List items that increase owner's equity first.)