Parking Lot City Department Store is located in midtown Metropolis. At the end Prepare a multiple-step of the company’s fiscal year on November 30, 2001, the following accounts appeared in ‘come statement. its adjusted trial balance:

Additional facts:
1. Merchandise inventory at November 30, 2001, is $36,200.
2. Note that Parking Lot City Department Store uses a periodic system.
Instructions Prepare an income statement for the year ended November 30, 2001.

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Accounts Payable Accounts Receivable Accumulated Depreciation-Delivery Equipment Accumulated Depreciation-Store Equipment $ 35,310 13,770 19,680 41,800 Cash 8,000 Delivery Expense 8,200 Delivery Equipment 57,000 Depreciation Expense-Delivery Equipment 4,000 Depreciation Expense-Store Equipment 9,500 Freight-in 5,060 Common Stock 70,000 Retained Earnings Dividends Insurance Expense Merchandise Inventory Notes Payable 17,200 12,000 9,000 34,360 46,000 Prepaid Insurance 4,500 Property Tax Expense 3,500 Purchases 630,000 Purchase Discounts 7,000 Purchase Returns and Allowances 3,000 Rent Expense 19,000 Salaries Expense 140,000 Sales 960,000 Sales Commissions Expense 12,000 Sales Commissions Payable 8,000 Sales Returns and Allowances 10,000 Store Equipment 125,000 Property Taxes Payable 3,500 Utilities Expense 20,600