Income Statement Sales Revenue Less: Sales returns & allowances Net revenue Less: Cost of goods sold Gross profit Less: Operating Expenses Salaries & Wages Expense Advertising Expense Utilities Expense Maintenance & Repairs expense Freight Out Rent Expense Supplies Expense Depreciation Expense- Equipment Total Operating Expenses Income before interest and taxes Less: Interest expense Net Income Cheyenne Notes Payable Accounts Payable Interest Payable Owner's Capital Owner's Drawings Trial Balance Account Titles Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation- Equipment Sales Revenue Sales returns & allowances Cost of goods sold Salaries & Wages Expense Amount S Advertising Expense Utilities Expense Maintenance & Repairs expense 755,200.00 (8,800.00) Freight Out Rent Expense Supplies Expense Depreciation Expense- Equipment Interest Expense Income Summary Total 139,800.00 24,500.00 13,500.00 12,100.00 16,600.00 24,000.00 4,000.00 11.250.00 Amount S 746,400.00 (497,700.00) 248,700.00 245,750.00 2.950.00 (4.350.00) (1,400.00) Unadjusted Adjustments Adjusted Debit Credit Debit 21,200.00 31,800.00 42,200.00 6,200,00 133,000.00 13,000.00 8,800.00 497,400.00 139,800.00 24,500.00 13,500,00 12,100.00 16,600.00 24,000,00 27,000.00 52,000.00 57,900.00 92,000.00 755,200.00 300.00 4,000.00 11,250.00 4,350.00 Income Balance Statement Sheet Credit Debit 21,200.00 31,800.00 300.00 41,900.00 4,000.00 2,200.00 133,000.00 11,250.00 4,350.00 13,000.00 8,800.00 497,700.00 139,800.00 24,500.00 13,500.00 12,100.00 16,600.00 24,000.00 4,000.00 11,250.00 4,350.00 Credit 38,250.00 52,000.00 57,900.00 4,350.00 92,000.00 755,200.00 984,100.00 984,100.00 19,900.00 19,900.00 999,700.00 999,700.00 4 1 7 CHEYENNE FASHION CENTER Owner's Equity statement For the Year Ended Owner's Capital Beginning Less: Net loss Drawings Owner's Capital Ending Working Notes: Sales Revenues Sales Revenues Less: Sales Returns and Allowences CHEYENNE FASHION CENTER Income statement For the Year Ended Net Sales Cost of goods sold Gross Profit/ (Loss) Operating Expenses Salaries and Wages Expense Advertising Expense Freight Out Rent Expense Utilities Expense Maintenance & Repairs Expense Supplies Expense Depreciation Expense - Equipment S 1,400 $ 13,000 Total Operating Expenses Income from Operations Other Expenses and Lossess Interest expense Net Income /(Loss) $139,800 $ 24,500 $ 13,500 $ 12,100 $ 16,600 $ 24,000 $ 4,000 $ 11,250 $ 92,000 $ 14,400 $ 77,600 $ 755,200 S 8,800 $ 746,400 $ 497,700 $ 248,700 $ 245,750 S 2,950 S S 4,350 (1,400) Prepare a classified balance sheet as of November 30, 2019. Notes payable of $21,000 are due in January 2020. (List Current Assets in order of liquidity.) CHEYENNE FASHION CENTER Balance Sheet Assets Liabilities and Owner's Equity $ $ I Liabilities and Owner's Equity $