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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
Sales Returns and Allowances
28,800
Utilities Expense
15,264
Prepare a multiple-step income statement.
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