Problem 5-4A (Part Level Submission) - Lambert Department Store is located in midtown Metropolis
Problem 5-4A (Part Level Submission)
Lambert Department Store is located in midtown Metropolis. During the past several years, net income has been declining because suburban shopping centers have been attracting business away from city areas. At the end of the company’s fiscal year on November 30, 2014, these accounts appeared in its adjusted trial balance.
Accounts Payable | $ 38,592 |
Accounts Receivable | 24,768 |
Accumulated Depreciation—Equipment | 97,920 |
Cash | 11,520 |
Common Stock | 50,400 |
Cost of Goods Sold | 884,592 |
Freight-Out | 8,928 |
Equipment | 226,080 |
Depreciation Expense | 19,440 |
Dividends | 17,280 |
Gain on Disposal of Plant Assets | 2,880 |
Income Tax Expense | 14,400 |
Insurance Expense | 12,960 |
Interest Expense | 7,200 |
Inventory | 37,728 |
Notes Payable | 62,640 |
Prepaid Insurance | 8,640 |
Advertising Expense | 48,240 |
Rent Expense | 48,960 |
Retained Earnings | 20,448 |
Salaries and Wages Expense | 168,480 |
Sales Revenue | 1,301,760 |
Salaries and Wages Payable | 8,640 |
Sales Returns and Allowances | 28,800 |
Utilities Expense | 15,264 |
Additional data: Notes payable are due in 2018.
(A1)
Prepare a multiple-step income statement. (List other revenues before other expenses.)
LAMBERT DEPARTMENT STORE | ||
Income Statement | ||
For the Year Ended November 30, 2014 | ||
$ | ||
Add or Less à | _ |
-
Rating:
/5
Solution: Problem 5-4A (Part Level Submission) - Lambert Department Store is located in midtown Metropolis