Denim by Mr. D is a clothing store specializing in clothes for infants and toddlers. Take a moment to review the Account Details (chart below). You will use this information to prepare a balance sheet and income statement as you have been hired to complete the necessary financial statements for them. Cash $22 500 Supplies Used $475 Internet & Phone $500 Sales $87 560 Equipment $15 000 Accounts Payable - Smith's importing $5 675 Salaries $12 000 Accounts Payable - RHS Clothing $3 490 Credit Line $21 000 Insurance $250 Savings Bonds $8 000 Advertising $800 Supplies $2 100 Heat, electricity, water $675 Inventory $38 090 Delivery expense $1 200 Van $22 000 Cost of Goods Sold $56 040 Returns $4 325 Automobile Loan $15 560 Step 1: Balance sheet Use the Balance Sheet Form to prepare a balance sheet for "Denim by Mr. D" for today's date (date you are preparing the statement) Step 2: Income Statement Use the Income Statement Form to prepare an income statement for "Denim by Mr. D" for the month ending November 30th, 2021. Step 3: Improving Profitability Use your completed Income Statement from Step 2 and complete the following: If Denim by Mr. D...... How much would they make? added a promotional sale that brought in an additional $2 440 in revenue per month decreased their advertising by $100 per month? cut back on staff, reducing salaries by $1 000 per month? Step 1: Balance Sheet Template Step 2: Income Statement Template