The trial balance of Whispering Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. WHISPERING FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 Debit Credit Cash $33,150 37,000 Accounts Receivable 48,300 Inventory Supplies 8,800 139,600 Equipment Accumulated Depreciation-Equipment $26,300 Notes Payable 54,300 Accounts Payable 51,800 Common Stock 93,300 Retained Earnings 11,300 Sales Revenue 764,950 Sales Returns and Allowances 4,200 Cost of Goods Sold 495,400 Salaries and Wages Expense 138,600 Advertising Expense 27,550 Utilities Expenses 15,400 Maintenance and Repairs Expense 12,100 16,700 Delivery Expense Rent Expense 25,150 Totals $1,001,950 $1,001,950 Income Statement For the Quarter Ended November 30, 2020 Net Sales $ Sales Revenue Less Cost of Goods Sold Gross Profit Operating Expenses Other Expenses and Losses Income from Operations Selling expenses Sal $ Rent Expense Prepaid Advertising Delivery Expense Suppl Depreciation Expense Adver $ Total Selling Expenses Administrative expenses rent Utilities Expense Repair Salaries and Wages Expense Total Administrative Expenses Total Operating Expenses Income from Operations Other Expenses and Losses Interest Expense Net Income/(Loss) Prepare retained earnings statement for the year. WHISPERING FASHION CENTER Retained Earnings Statement For the Year Ended November 30, 2020 Retained Earnings, December 1, 2019 $ Less Dividends Retained Earnings, November 30, 2020 fA WHISPERING FAHION ENTER Balance Sheet November 30, 2020 Assets Current Assets $ Cash Accounts Receivable Supplies Inventory $ Total Current Assets Property, Plant and Equipment Equipment Accumulated Depreciation-Equipment Less Total Property, Plant and Equipment Liabilities and Stockholders' Equity Current Liabilities $ Interest Payable Salaries and Wages Payable Accounts Payable Total Current Liabilities Long-term Liabilities Notes Payable Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity $ Total Liabilities and Stockholders' Equity tA 1A 1A +0 1A +C