Current Attempt in Progress Swifty 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, its accounting records included the following accounts and adjusted balances. Accounts Payable Accounts Receivable $31,088 19,952 Accumulated Depreciation-Equipment 78,880 Advertising Expense Cash 38,860 9,280 Common Stock 40,600 Cost of Goods Sold 712,588 Freight-Out 7,192 Equipment 182,120 Depreciation Expense 15,660 Dividends 13,920 Gain on Disposal of Plant Assets 2,320 Income Tax Expense 11,600 Insurance Expense 10,440 Interest Expense 5,800 Inventory 30,392 Notes Payable 50,460 Prepaid Insurance 6,960 Rent Expense 39,440 Retained Earnings 16,472 Salaries and Wages Expense 135,720 Salaries and Wages Payable 6,960 Sales Returns and Allowances 23,200 Sales Revenue 1,048,640 Utilities Expense 12,296 Additional data: Notes payable are due in 2026. Sales Sales Revenue Less : Sales Returns and Allowances Net Sales Cost of Goods Sold Gross Profit Operating Expenses SWIFTY DEPARTMENT STORE Income Statement For the Year Ended November 30, 2022 Salaries and Wages Expense $ 135,720 i Rent Expense Utilities Expense Advertising Expense Depreciation Expense Freight-Out Insurance Expense Total Operating Expenses Income From Operations Other Revenues and Gains Gain on Disposal of Plant Assets Other Expenses and Losses Interest Expense Income Before Income Taxes Income Tax Expense Net Income/(Loss) > > 39,440 12,296 38,860 15,660 7,192 1 10,440 $ 1,048,640 23,200 1,025,440 712,588 312,852 259,608 53,244 2,320 5,800 49,764 11,600 38,164 Prepare a retained earnings statement. (List items that increase retained earnings first.) SWIFTY DEPARTMENT STORE Retained Earnings Statement For the Year Ended November 30, 2022 Retained Earnings, December 1, 2021 Add Net Income/(Loss) Less : Dividends Retained Earnings, November 30, 2022 $ eTextbook and Media List of Accounts 16472 38164 54636 13920 40716 (a3) Prepare a classified balance sheet. (List current assets in order of liquidity.) SWIFTY DEPARTMENT STORE Balance Sheet Assets 19 $ : Liabilities and Stockholders' Equity > $ $ $ $ 19