Question 32 The Deluxe 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, 2017, the following accounts appeared in two of its trial balances. Unadjusted $28,000 35,000 10,000 Accounts Payable Accounts Receivable Accumulated Depr.-Equipment Cash Common Stock Cost of Goods Sold Dividends Freight-Out Equipment Depreciation Expense Insurance Expense Interest Expense Interest Revenue Unadjusted Adjusted $25,000 $25,000 30,000 30,000 36,000 44,000 25,000 25,000 16,300 16,300 500,000 500,000 9,500 9,500 5,000 5,000 145,000 145,000 8,000 7,500 6,000 6,000 8,000 8,000 Inventory Notes payable Prepaid Insurance Property Tax Expense Property Taxes Payable Rent Expense Retained Earnings Salaries and Wages Expense Sales Commissions Expense Sales Commissions Payable Sales Returns and Allowances Sales Revenue Utilities Expense 12,000 61,700 90,000 6,500 Adjusted $28,000 35,000 2,500 2,500 2,500 12,000 61,700 90,000 11,000 4,500 7,000 700,000 8,000 7,000 700,000 8,000 (al) Prepare a multiple-step income statement. (List other revenues before other expenses. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) THE DELUXE STORE Income Statement