Reference no: EM132936967
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$ 44,600
Accounts Receivable 29,000
Accumulated Depreciation-Equipment 115,600
Cash13,600
Common Stock 59,500
Cost of Goods Sold 1,036,380
Freight-Out 10,830
Equipment 270,330
Depreciation Expense 23,500
Dividends 20,400
Gain on Disposal of Plant Assets 3,400
Income Tax Expense 17,000
Insurance Expense 15,300
Interest Expense 8,500
Inventory 44,300
Notes Payable 73,950
Prepaid Insurance 10,200
Advertising Expense 56,950
Rent Expense 57,800
Retained Earnings 23,900
Salaries and Wages Expense 201,760
Sales Revenue 1,536,000
Salaries and Wages Payable 10,200
Sales Returns and Allowances 34,000
Additional data: Notes payable are due in 2026.
Problem 1: Prepare a multiple-step income statement.