Question
Sheridan Department Store is located in midtown Metropolis. During the past several years, net income has been declining because suburban shopping centers have been attracting
Sheridan 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, 2022, these accounts appeared in its adjusted trial balance. Accounts Payable $ 29,000 Accounts Receivable 18,800 Accumulated DepreciationEquipment 74,800 Cash 8,800 Common Stock 38,500 Cost of Goods Sold 670,680 Freight-Out 6,990 Equipment 175,030 Depreciation Expense 15,100 Dividends 13,200 Gain on Disposal of Plant Assets 2,200 Income Tax Expense 11,000 Insurance Expense 9,900 Interest Expense 5,500 Inventory 28,700 Notes Payable 47,850 Prepaid Insurance 6,600 Advertising Expense 36,850 Rent Expense 37,400 Retained Earnings 15,500 Salaries and Wages Expense 130,600 Sales Revenue 994,000 Salaries and Wages Payable 6,600 Sales Returns and Allowances 22,000 Utilities Expense 11,300 Additional data: Notes payable are due in 2026. (a1) Prepare a multiple-step income statement. (List other revenues before other expenses.)
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