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 company?s fiscal year on November 30, 2014, these accounts appeared in its adjusted trial balance.

Accounts Payable	$ 38,592
Accounts Receivable	24,768
Accumulated Depreciation?Equipment	97,920
Cash	11,520
Common Stock	50,400
Cost of Goods Sold	884,592
Freight-Out	8,928
Equipment	226,080
Depreciation Expense	19,440
Dividends	17,280
Gain on Disposal of Plant Assets	2,880
Income Tax Expense	14,400
Insurance Expense	12,960
Interest Expense	7,200
Inventory	37,728
Notes Payable	62,640
Prepaid Insurance	8,640
Advertising Expense	48,240
Rent Expense	48,960
Retained Earnings	20,448
Salaries and Wages Expense	168,480
Sales Revenue	1,301,760
Salaries and Wages Payable	8,640
Sales Returns and Allowances	28,800
Utilities Expense	15,264

Additional data: Notes payable are due in 2018.

(A1)

Prepare a multiple-step income statement. (List other revenues before other expenses.)

LAMBERT DEPARTMENT STORE
Income Statement
For the Year Ended November 30, 2014
	$
Add or Less		_
	_
	$
	_
		_
	_
	_
	$

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 company's fiscal year on November 30, 2014, these accounts appeared in its adjusted trial balance. Accounts Payable $ 38,592 Accounts Receivable 24,768 Accumulated DepreciationEquipment 97,920 Cash 11,520 Common Stock 50,400 Cost of Goods Sold 884,592 Freight-Out 8,928 Equipment 226,080 Depreciation Expense 19,440 Dividends 17,280 Gain on Disposal of Plant Assets 2,880 Income Tax Expense 14,400 Insurance Expense 12,960 Interest Expense 7,200 Inventory 37,728 Notes Payable 62,640 Prepaid Insurance 8,640 Advertising Expense 48,240 Rent Expense 48,960 Retained Earnings 20,448 Salaries and Wages Expense 168,480 Sales Revenue 1,301,760 Salaries and Wages Payable 8,640 Sales Returns and Allowances 28,800 Utilities Expense 15,264 Additional data: Notes payable are due in 2018. (A1) Prepare a multiple-step income statement. (List other revenues before other expenses.) LAMBERT DEPARTMENT STORE Income Statement For the Year Ended November 30, 2014 Add or Less $ _ _ $ _ _ _ _ $