The trial balance of Kingbird Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. KINGBIRD FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 Debit Credit Cash $33,600 Accounts Receivable 37.300 Inventory 48,600 Supplies 9.100 Equipment 140,200 Accumulated Depreciation Equipment $ 26,600 Notes Payable 54,600 52,100 Accounts Payable 93,600 Common Stock Retained Earnings 11,600 765.700 Sales Revenue Sales Returns and Allowances 4,200 Sales Returns and Allowances 4,200 Cost of Goods Sold 495,400 Salaries and Wages Expense 138,200 Advertising Expense 27700 Utilities Expenses 15,800 Maintenance and Repairs Expense 12,100 Delivery Expense 16,700 Rent Expense 25,300 Totals $ 1,004,200 $ 1,004,200 Adjustment data: 1. Supplies on hand totaled $ 5,100. 2. Depreciation is $ 16,950 on the equipment. 3. Interest of $ 10,090 is accrued on notes payable at November 30. Other data: 1. Salaries expense is 70% selling and 30% administrative. 2. Rent expense and utilities expenses are 80% selling and 20% administrative. 3. $ 30,000 of notes payable are due for payment next year. 4. Maintenance and repairs expense is 100% administrative. Prepare a multiple-step income statement for the year. (ignore income taxes) (Enter loss using either a negative sign preceding the number e.g.-45 or parentheses eg. (45).) KINGBIRD FASHION CENTER Income Statement For the Year Ended November 30, 2020 Sales Revenue Less Net Sales Cost of Goods Sold Gross Profit Operating Expenses Selling expenses $ Utilities Expenses Utilities Expenses Rent Expense Bad Debt Expense Selling Expenses MINTON Delivery Expense Insurance Expense Income Tax Expense Total Selling Expenses $ Administrative expenses Bad Debt Expense Maintenance and Repairs Expense Bad Debt Expense Maintenance and Repairs Expense Total Operating Expenses