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Prepare a classified balance sheet as of November 30, 2019. Notes payable of $21,000 are due in January 2020. (List Current Assets in order of liquidity.) CHEYENNE FASHION CENTER Balance Sheet Assets s $ Liabilities and Owner's Equity $ $ > $ Liabilities and Owner's Equity $ $ Income Statement Amounts Amount Sales Revenue 755.200.00 Less: Sales returns & allowances (8,800,00) Net revenue 746,400.00 Less: Cost of goods sold (497.700.00) Gross profit 248,700.00 Less: Operating Expenses Salaries & Wages Expense 139,800.00 Advertising Expense 24,500.00 Utilities Expense 13,500.00 Maintenance & Repairs expense 12,100.00 Freight Out 16,600.00 Rent Expense 24,000.00 Supplies Expense 4,000.00 Depreciation Expense-Equipment 11.250.00 Total Operating Expenses 245,750.00 Income before interest and taxes 2.950.00 Less: Interest expense (4.350.00) Net Income (1.400.00) Cheyenne Income Balance Unadjusted Adjustments Adjusted Trial Balance Statement Sheet Account Titles Debit Credit Debit Credit Debit Credit Cash 21,200.00 21,200.00 Accounts Receivable 31,800.00 31,800.00 Inventory 42,200.00 300.00 41,900.00 Supplies 6,200.00 4,000.00 2.200.00 Equipment 133,000.00 133.000.00 Accumulated Depreciation Equipment 27,000.00 11.250.00 38,250.00 Notes Payable 52.000.00 52.000.00 Accounts Payable 57,900.00 57,900.00 Interest Payable 4 350.00 4,350,00 Owner's Capital 92.000.00 92.000.000 Owner's Drawings 13,000.00 13,000.00 Sales Revenue 755,200.00 755,200.00 Sales returns & allowances 8,800.00 8.800.00 Cost of goods sold 497,400.00 300.00 497,700.00 Salaries & Wages Expense 139,800.00 139,800.00 Advertising Expense 24.500.00 24,500.00 Utilities Expense 13,500.00 13,500.00 Maintenance & Repairs expense 12,100.00 12.100.00 Freight Out 16,600.00 16,600.00 Rent Expense 24,000,00 24,000.00 Supplies Expense 4,000.00 4,000.00 Depreciation Expense-Equipment 11.250.00 11,250.00 Interest Expense 4,350.00 4.350.00 Income Summary Total 984,100.00 984,100.00 19,900.00 19.900.00 999,700.00 999,700.00 4 1 7 CHEYENNE FASHION CENTER Owner's Equity statement For the Year Ended Owner's Capital Beginning Less: Net loss $ 1,400 Drawings $ 13,000 $ 92,000 Owner's Capital Ending $ 14,400 $ 77,600 $ 755,200 $ 8.800 $ 746,400 $ 497,700 $ 248,700 Working Notes: CHEYENNE FASHION CENTER Income statement For the Year Ended Sales Revenues Sales Revenues Less: Sales Returns and Allowences Net Sales Cost of goods sold Gross Profit (Loss) Operating Expenses Salaries and Wages Expense $ 139,800 Advertising Expense $ 24,500 Utilities Expense $ 13,500 Maintenance & Repairs Expense $ 12,100 Freight Out $ 16,600 Rent Expense $ 24,000 Supplies Expense $ 4,000 Depreciation Expense - Equipment $ 11,250 Total Operating Expenses Income from Operations Other Expenses and Lossess Interest expense Net Income / (Loss) $ 245,750 $ 2,950 S 4,350 S (1,400)

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