Reference no: EM133038446
Question - Crane 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, 2022, these accounts appeared in its adjusted trial balance.
Accounts Payable $73,200
Accounts Receivable 47,700
Accumulated Depreciation-Equipment 190,400
Cash 22,400
Common Stock 98,000
Cost of Goods Sold 1,707,750
Freight-Out 18,230
Equipment 445,100
Depreciation Expense 38,900
Dividends 33,600
Gain on Disposal of Plant Assets 5,600
Income Tax Expense 28,000
Insurance Expense 25,200
Interest Expense 14,000
Inventory 72,900
Notes Payable 121,800
Prepaid Insurance 16,800
Advertising Expense 93,800
Rent Expense 95,200
Retained Earnings 39,300
Salaries and Wages Expense 332,220
Sales Revenue 2,531,000
Salaries and Wages Payable 16,800
Sales Returns and Allowances 56,000
Utilities Expense 28,300
Additional data: Notes payable are due in 2026.
Required - Prepare a multiple-step income statement. (List other revenues before other expenses.)