Problem 5-4A (Part Level Submission)

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.

31,624 Accounts payable 20,296 Accounts Receivable 80,240 Accumulated Depreciation Equipment Cash 9,440 Common Stock 41,300 Cost of Goods Sold 724,874 7,316 Freight-out 185,260 Equipment Depreciation Expense 15,930 14,160 Dividends Gain on Disposal of Plant Assets 2,360 Income Tax Expense 11,800 10,620 Insurance Expense 5,900 Interest Expense 30,916 Inventory 51,330 Notes Payable Prepaid Insurance 7,080 39,530 Advertising Expense Rent Expense 40,120 16,756 Retained Earnings Salaries and Wages Expense 138,060 Sales Revenue 1,066,720 Salaries and Wages Payable 7,080 23,600 Sales Returns and Allowances Utilities Expense 12,508 Additional data: Notes payable are due in 2018