Lambert department store is located in midtown metropolis

Reference no: EM13566413

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 $ 36,716
Accounts Receivable 23,564
Accumulated Depreciation-Equipment 93,160
Cash 10,960
Common Stock 47,950
Cost of Goods Sold 841,591
Freight-Out 8,494
Equipment 215,090
Depreciation Expense 18,495
Dividends 16,440
Gain on Disposal of Plant Assets 2,740
Income Tax Expense 13,700
Insurance Expense 12,330
Interest Expense 6,850
Inventory 35,894
Notes Payable 59,595
Prepaid Insurance 8,220
Advertising Expense 45,895
Rent Expense 46,580
Retained Earnings 19,454
Salaries and Wages Expense 160,290
Sales Revenue 1,238,480
Salaries and Wages Payable 8,220
Sales Returns and Allowances 27,400
Utilities Expense 14,522

Reference no: EM13566413

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