PROBLEM 111 (25%) The following information is obtained concerning the retail operations for The Fizz in 20 Cash Accounts Receivable Mdse. Inventory (1/1/17) Sales Purchases Purchases Returns &Allowances Purchases Discounts Sales Returns&Allowances Total Selling Expenses Total Admin. Expenses Mdse. Inventory (12/31/17) Freight-in Fizz, Withdrawals Accounts, Payable Fizz, Capital 33,000 27,000 130,000 696,000 368,000 29,000 10,000 36,000 40,000 20,000 90,000 1,000 55,000 39,000 860,000 INSTRUCTIONS: 1. Prepare an income statement in good form for The Fizz showing Net Sales, Cost of Goods Sold, Gross Margin, and Net Income among the highlights. 2. Prepare all closing entries