Question

Problem 5-4A (Part Level Submission) Wolford 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, 2017, these accounts appeared in its adjusted trial balance. Accounts Payable $ 38,056 Accounts Receivable 24,424 Accumulated Depreciation—Equipment 96,560 Cash 11,360 Common Stock 49,700 Cost of Goods Sold 872,306 Freight-Out 8,804 Equipment 222,940 Depreciation Expense 19,170 Dividends 17,040 Gain on Disposal of Plant Assets 2,840 Income Tax Expense 14,200 Insurance Expense 12,780 Interest Expense 7,100 Inventory 37,204 Notes Payable 61,770 Prepaid Insurance 8,520 Advertising Expense 47,570 Rent Expense 48,280 Retained Earnings 20,164 Salaries and Wages Expense 166,140 Sales Revenue 1,283,680 Salaries and Wages Payable 8,520 Sales Returns and Allowances 28,400 Utilities Expense 15,052 Additional data: Notes payable are due in 2021. Collapse question part (a1) Correct answer. Your answer is correct. Prepare a multiple-step income statement. (List other revenues before other expenses.) WOLFORD DEPARTMENT STORE Income Statement Entry field with correct answer Entry field with correct answer Entry field with correct answer Sales Revenue $Entry field with correct answer 1,283,680 Entry field with correct answer: Entry field with correct answer Sales Returns and Allowances Entry field with correct answer 28,400 Entry field with correct answer Entry field with correct answer 1,255,280 Entry field with correct answer Cost of Goods Sold Entry field with correct answer 872,306 Entry field with correct answer Entry field with correct answer 382,974 Entry field with correct answer Entry field with correct answer Advertising Expense $Entry field with correct answer 47,570 Entry field with correct answer Freight-Out Entry field with correct answer 8,804 Entry field with correct answer Depreciation Expense Entry field with correct answer 19,170 Entry field with correct answer Utilities Expense Entry field with correct answer 15,052 Entry field with correct answer Salaries and Wages Expense Entry field with correct answer 166,140 Entry field with correct answer Rent Expense Entry field with correct answer 48,280 Entry field with correct answer Insurance Expense Entry field with correct answer 12,780 Entry field with correct answer Entry field with correct answer 317796 Entry field with correct answer Entry field with correct answer 65178 Entry field with correct answer Entry field with correct answer Gain on Disposal of Plant Assets Entry field with correct answer 2,840 Entry field with correct answer Entry field with correct answer Interest Expense Entry field with correct answer 7,100 Entry field with correct answer Entry field with correct answer 60,918 Entry field with correct answer Income Tax Expense Entry field with correct answer 14,200 Entry field with correct answer $Entry field with correct answer 46,718 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT LINK TO TEXT Attempts: 1 of 3 used Collapse question part (a2) Prepare a retained earnings statement. (List items that increase retained earnings first.) WOLFORD DEPARTMENT STORE Retained Earnings Statement $ : : $

Answer 1