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Problem 5-04A Sunland Department Store is located in midtown Metropolis. During the past several years, net income has been declining because suburban shopping centers have
Problem 5-04A Sunland 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, 2022, these accounts appeared in its adjusted trial balance. Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Cash Common Stock Cost of Goods Sold Freight-Out Equipment Depreciation Expense Dividends Gain on Disposal of Plant Assets Income Tax Expense Insurance Expense Interest Expense Inventory Notes Payable Prepaid Insurance Advertising Expense Rent Expense Retained Earnings Salaries and Wa Expense Sales Revenue Salaries and Wages Payable Sales Returns and Allowances Utilities Expense $ 60,200 39,200 156,400 18,400 80,500 1,400,700 14,130 365,550 31,900 27,600 4,600 23,000 20,700 11,500 59,900 100,050 13,800 77,050 78,200 32,300 272,920 2,076,000 13,800 46,000 23,300 Additional data: Notes payable are due in 2026. SUNLAND DEPARTMENT STORE Income Statement
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