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Ivanhoe Store is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the
Ivanhoe Store is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company's fiscal year on November 30, 2022, the following accounts appeared in two of its trial balances. Unadjusted Adjusted Unadjusted Adjusted Accounts Payable $26,000 $26,000 Notes payable $36,000 $36,000 Accounts Receivable 31,000 31,000 Owner's Capital 91,700 91,700 Accumulated Depr.-Equipment 33,500 44,500 Owner's Drawings 10,500 10,500 Cash 25,000 25,000 Prepaid Insurance 11,000 3,200 Cost of Goods Sold 509,500 509,500 Property Tax Expense 2,500 Freight-Out 6,200 6,200 Property Taxes Payable 2,500 Equipment 146,000 146,000 Rent Expense 15,000 15,000 Depreciation Expense 11,000 Salaries and Wages Expense 96,000 96,000 Insurance Expense 7,800 Sales Revenue 720,000 720,000 Interest Expense 6,200 6,200 Sales Commissions Expense 6,500 11,000
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