SPLISH FASHION CENTER Income Statement For the Year Ended November 30, 2020 Sales Revenue Sales Less : Sales Returns and Allowances Net Sales Cost of Goods Sold Gross Profit Operating Expenses Selling expenses Salaries and Wages Expense $ 96656 i Advertising Expense 27780 i Delivery Expense - 16700 i Depreciation Expense - 17070 i Utilities Expenses 12736 i Utilities Expenses 12736 Rent Expense 20304 Supplies Expense 4000 Total Selling Expenses $ 1 Administrative expenses Rent Expense 5076 Maintenance and Repairs Expense 12100 Utilities Expenses 3184 i Salaries and Wages Expense 41424 i Total Administrative Expenses Total Operating Expenses Income from Operations Other Expenses and Losses Interest Expense Net Income /(Loss) $ 765960 4200 i 761760 495400 i 266360 $ 96656 i 27780 i - 16700 i -17070 i 12736 i 20304 i 4000 i 195246 i 5076 i 12100 i 3184 i 41424 i 61784 i 257030 i 9330 10440 i $ (1110) ia Prepare a classified balance sheet as of November 30, 2020. (List current assets in order of liquidity.) SPLISH FASHION CENTER Balance Sheet November 30, 2020 Assets Current Assets . Cash $ Accounts Receivable Inventory Supplies $ - . : Liabilities and Stockholders' Equity Liabilities and Stockholders' Equity $ $ . . . . . . $ SPLISH FASHION CENTER Income Statement For the Year Ended November 30, 2020 Sales Revenue Sales Less : Sales Returns and Allowances Net Sales Cost of Goods Sold Gross Profit Operating Expenses Selling expenses Salaries and Wages Expense $ 96656 i Advertising Expense 27780 i Delivery Expense - 16700 i Depreciation Expense - 17070 i Utilities Expenses 12736 i Utilities Expenses 12736 Rent Expense 20304 Supplies Expense 4000 Total Selling Expenses $ 1 Administrative expenses Rent Expense 5076 Maintenance and Repairs Expense 12100 Utilities Expenses 3184 i Salaries and Wages Expense 41424 i Total Administrative Expenses Total Operating Expenses Income from Operations Other Expenses and Losses Interest Expense Net Income /(Loss) $ 765960 4200 i 761760 495400 i 266360 $ 96656 i 27780 i - 16700 i -17070 i 12736 i 20304 i 4000 i 195246 i 5076 i 12100 i 3184 i 41424 i 61784 i 257030 i 9330 10440 i $ (1110) ia Prepare a classified balance sheet as of November 30, 2020. (List current assets in order of liquidity.) SPLISH FASHION CENTER Balance Sheet November 30, 2020 Assets Current Assets . Cash $ Accounts Receivable Inventory Supplies $ - . : Liabilities and Stockholders' Equity Liabilities and Stockholders' Equity $ $ . . . . . . $