Solution-Prepare a multiple-step income statement

Prepare a multiple-step income statement

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Reference no: EM13829315

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.

Reference no: EM13829315

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Prepare a multiple-step income statement

Reference no: EM13829315

Reference no: EM13829315

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