9 uni Problem 5-3A (Part Level Submission) The Deluxe Store is located in midtown Madison. During the past several years, net income has been declining because of suburban shoppi centers. At the end of the company's fiscal year on November 30, 2015, the following accounts appeared in two of its trial balances Accounts Payable Accounts Receivable Accumulated Depr.-Equipment Cash Common Stock Cost of Goods Sold Dividends Freight-Out Equipment Depreciation Expense Insurance Expense Interest Expense Interest Revenue $24,830 24,830 Inventory $30,000 $30,000 37,100 37,100 2,700 2,200 2,200 14,400 14,400 45,590 45,590 95,600 95,600 701,000 701,000 7,400 10,800 3,400 8,100 8,400 31,820 31,820 Notes payable 38,600 48,800 Prepaid Insurance 26,600 26,600 Property Tax Expense 55,900 55,900 Property Taxes Payable 11,100 512,400 512,400 Rent Expenses 10,000 10,000 Rentained Earnings 6,000 143,000 143,000 Sales Revenue 6,000 Salaries and Wages Expense 10,200 8,400 6,300 Sales Commissions Expense Sales Commissions Payable Sales Returns and Allowances 6,300 8,100 8,100 Utilities Expense 8,100 8,400 (a1) Prepare a multiple-step income statement. ( List other revenues before other expenses.) THE DELUXE STORE Income Statement For the Year Ended November 30, 2015 rch