The Cullumber Company is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the companys fiscal year on November 30, 2019, the following accounts appeared in two of its trial balances. Unadjusted Adjusted Unadjusted Adjusted Accounts Payable $25,000 $25,000 Inventory $28,000 $28,000 Accounts Receivable 30,000 30,000 Notes payable 35,000 35,000 Accumulated Depr.Equipment 36,000 44,000 Prepaid Insurance 10,000 2,500 Cash 25,000 25,000 Property Tax Expense 2,500 Common Stock 16,300 16,300 Property Taxes Payable 2,500 Cost of Goods Sold 500,000 500,000 Rent Expense 12,000 12,000 Dividends 9,500 9,500 Retained Earnings 61,700 61,700 Freight-Out 5,000 5,000 Salaries and Wages Expense 90,000 90,000 Equipment 145,000 145,000 Sales Commissions Expense 6,500 11,000 Depreciation Expense 8,000 Sales Commissions Payable 4,500 Insurance Expense 7,500 Sales Returns and Allowances 7,000 7,000 Interest Expense 6,000 6,000 Sales Revenue 700,000 700,000 Interest Revenue 8,000 8,000 Utilities Expense 8,000 8,000 Prepare a multiple-step income statement. (List other revenues before other expenses. If there is a net loss then enter the amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Cullumber Company Income Statement $ : $ $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Prepare a retained earnings statement. (List items that increase owner's equity first.) Cullumber Company Retained Earnings Statement $ : : $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Prepare a balance sheet. Notes payable are due in 2022. (List Current Assets in order of liquidity.) Cullumber Company Balance Sheet Assets $ $ : $ Liabilities and Stockholders Equity $ $ $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Journalize the adjusting entries that were made. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov. 30 (To adjust depreciation on equipment) Nov. 30 (To adjust insurance expense) Nov. 30 (To adjust property tax expense) Nov. 30 (To adjust sales commissions expense) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Journalize the closing entries that are necessary. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov. 30 (To close accounts with credit balances) Nov. 30 (To close accounts with debit balances) Nov. 30 (To close net income / (loss)) Nov. 30 (To close drawings)