SPLISH BROTHERS Income Statement For the Month Ended November 30, 2022 For the Year Ended November 30, 2022 November 30, 2022 $ $ Income Statement $ Add Less > Income Statement Dividends Expenses Gross Profit Income Before Income Taxes Income From Operations Net Income / (Loss) Net Sales Other Expenses and Losses Other Revenues and Gains Retained Earnings, November 1 Retained Earnings, November 30 Revenues Total Expenses Total Revenues Sales Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Splish Brothers had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Debit $21,600 5,376 2,064 60,000 $89,040 Accumulated Depreciation Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Supplies Equipment Credit $2,400 8,160 9,600 4,080 48,000 16,800 $89,040 Common Stock Retained Earnings During November, the following summary transactions were completed. Nov. 8 10 11 12 15 19 20 22 Paid $8,520 for salaries due employees, of which $4,440 is for November and $4,080 is for October. Received $4,560 cash from customers in payment of account. Purchased merchandise on account from Dimas Discount Supply for $19,200, terms 2/10, n/30. Sold mercha on account for $13,200, terms 2/10, n/3 cost of mer dise was $9,600. Received credit from Dimas Discount Supply for merchandise returned $720. Received collections in full, less discounts, from customers billed on sales of $13,200 on November 12. Paid Dimas Discount Supply in full, less discount. Received $5,520 cash for services performed in November. Purchased equipment on account $12,000. Purchased supplies on account $4,080. Paid creditors $7,200 of accounts payable due. Paid November rent $900. Paid salaries $3,120. Performed services on account and billed customers $1,680 for those services. Received $1,620 from customers for services to be performed in the future. 25 27 28 29 29 29 29 SPLISH BROTHERS Income Statement $ v! $