Lambert Department Store is located in midtown Metropolis. During the past sever
ID: 2446970 • Letter: L
Question
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 $ 26,800
Accounts Receivable 17,200
Accumulated DepreciationEquipment 68,000
Cash 8,000
Common Stock 35,000
Cost of Goods Sold 614,300
Freight-Out 6,200
Equipment 157,000
Depreciation Expense 13,500
Dividends 12,000
Gain on Disposal of Plant Assets 2,000
Income Tax Expense 10,000
Insurance Expense 9,000
Interest Expense 5,000
Inventory 26,200
Notes Payable 43,500
Prepaid Insurance 6,000
Advertising Expense 33,500
Rent Expense 34,000
Retained Earnings 14,200
Salaries and Wages Expense 117,000
Sales Revenue 904,000
Salaries and Wages Payable 6,000
Sales Returns and Allowances 20,000
Utilities Expense 10,600
Prepare Classified balance sheet?
Explanation / Answer
Assets Amount Amount Current Assets Cash 8,000.00 Accounts Receivable 17,200.00 Inventory 26,200.00 Prepaid Insurance 6,000.00 Total Current Assets 57,400.00 Plant,Propert and Equipment Equipment 157000 Less Accumulated Depreciation -68000 Net Block 89,000.00 Total Assets 1,46,400.00 Liability & Stock holders equity Current Liability Accounts Payable 26800 Notes Payable 43500 70,300.00 Stock Holders equity Common stock 35,000.00 Retained earnigs at the beginning 14,200.00 Additions during the year 26,900.00 Total Stock holders equity 76,100.00 Total Liability & Stock holders equity 1,46,400.00
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