Lambert 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 companys fiscal year on November 30, 2014, these accounts appeared in its adjusted trial balance.

Accounts Payable $ 27,336 Accounts Receivable 17,544 Accumulated DepreciationEquipment 69,360 Cash 8,160 Common Stock 35,700 Cost of Goods Sold 626,586 Freight-Out 6,324 Equipment 160,140 Depreciation Expense 13,770 Dividends 12,240 Gain on Disposal of Plant Assets 2,040 Income Tax Expense 10,200 Insurance Expense 9,180 Interest Expense 5,100 Inventory 26,724 Notes Payable 44,370 Prepaid Insurance 6,120 Advertising Expense 34,170 Rent Expense 34,680 Retained Earnings 14,484 Salaries and Wages Expense 119,340 Sales Revenue 922,080 Salaries and Wages Payable 6,120 Sales Returns and Allowances 20,400 Utilities Expense 10,812

Additional data: Notes payable are due in 2018.

Collapse question part (a1) Prepare a multiple-step income statement. (List other revenues before other expenses.)

LAMBERT DEPARTMENT STORE Income Statement For the Year Ended November 30, 2014

$ :

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