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.

Accounts Payable		$ 35,108
Accounts Receivable		22,532
Accumulated DepreciationEquipment		89,080
Cash		10,480
Common Stock		45,850
Cost of Goods Sold		804,733
Freight-Out		8,122
Equipment		205,670
Depreciation Expense		17,685
Dividends		15,720
Gain on Disposal of Plant Assets		2,620
Income Tax Expense		13,100
Insurance Expense		11,790
Interest Expense		6,550
Inventory		34,322
Notes Payable		56,985
Prepaid Insurance		7,860
Advertising Expense		43,885
Rent Expense		44,540
Retained Earnings		18,602
Salaries and Wages Expense		153,270
Sales Revenue		1,184,240
Salaries and Wages Payable		7,860
Sales Returns and Allowances		26,200
Utilities Expense		13,886

Additional data: Notes payable are due in 2018.

Sales Sales Revenue 1,184,240 LessSales Returns and Allowan 26,200 Net Sales 1158040 Cost of Goods Sold 804,733 Gross Profit Operating Expenses 8,122 17,685 11,790 43,885 44,540 153,270 13,886 Freight-out Depreciation Expense Insurance Expense Advertising Expense Rent Expense Salaries and Wages Exp Utilities Expense Total Operating Expenses 292178