Question
Blossom Department Store is located in midtown Metropolis. During the past several years, net income has been declining because suburban shopping centers have been
Blossom 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, 2025, these accounts appeared in its adjusted trial balance. Accounts Payable $70,600 Accounts Receivable 46,000 Accumulated Depreciation-Equipment 183,600 Cash 21,600 Common Stock 60,000 Cost of Goods Sold 1,598,620 Freight-Out 17,410 Equipment 430,000 Depreciation Expense 37,500 Dividends 32,400 Gain on Disposal of Plant Assets 5,400 Income Tax Expense 27,000 Insurance Expense 24,300 Interest Expense 13,500 Inventory 70,300 Notes Payable 117,450 Prepaid Insurance 16,200 Advertising Expense 90,450 Rent Expense 91,800 Retained Earnings 25,490 Salaries and Wages Expense 320,360 Salaries and Wages Payable 16,200 Sales Returns and Allowances 54,000 Sales Revenue 2,440,000 Utilities Expense 27,300
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