Lambert department store is located in midtown metropolis


Problem:

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

Prepare a multiple-step income statement.

Solution Preview :

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Cost Accounting: Lambert department store is located in midtown metropolis
Reference No:- TGS01109582

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