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 $ 38,592 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 2021. Collapse question part (a1) Prepare a multiple-step income statement. (List other revenues before other expenses.) WOLFORD DEPARTMENT STORE Income Statement

Answer 1