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Question 2 Crane Department Store is located in midtown Metropolis. During the past several years, net income has been declining because suburban shopping centers
Question 2 Crane 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 $16,000 Accounts Receivable Accumulated Depreciation-Equipment 10,300 40,800 Cash 4,800 Common Stock 21,000 Cost of Goods Sold 365,700 Freight-Out 3,700 Equipment 95,600 Depreciation Expense 8,100 Dividends 7,200 Gain on Disposal of Plant Amets 1,200 Income Tax Expense 6,000 Insurance Expense 5,400 Interest Expense Inventory Notes Payable 3,000 15,700 26,100 Prepaid Insurance 3,600 Advertising Expense 20,100 Rent Expense 20,400 Retained Earnings 8.500 Salaries and Wages Expense 71,300 Sales Revenue 342,400 3.600 12,400 6,300 Salaries and Wages Payable Sales Returns and Allowances Expense Additional data: Notes payable are due in 2020. A. Prepare a multiple-step income statement. (List other revenues before other expenses)
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