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 $ 34,840 Accounts Receivable 22,360 Accumulated Depreciation—Equipment 88,400 Cash 10,400 Common Stock 45,500 Cost of Goods Sold 798,590 Freight-Out 8,060 Equipment 204,100 Depreciation Expense 17,550 Dividends 15,600 Gain on Disposal of Plant Assets 2,600 Income Tax Expense 13,000 Insurance Expense 11,700 Interest Expense 6,500 Inventory 34,060 Notes Payable 56,550 Prepaid Insurance 7,800 Advertising Expense 43,550 Rent Expense 44,200 Retained Earnings 18,460 Salaries and Wages Expense 152,100 Sales Revenue 1,175,200 Salaries and Wages Payable 7,800 Sales Returns and Allowances 26,000 Utilities Expense 13,780 Additional data: Notes payable are due in 2021. (a1) Prepare a multiple-step income statement. (List other revenues before other expenses.) WOLFORD DEPARTMENT STORE Income Statement $ : $ $ Click if you would like to Show Work for this question: Open Show Work Show List of Accounts Link to Text Link to Text Attempts: 0 of 3 used Save for later Submit Answer (a2) The parts of this question must be completed in order. This part will be available when you complete the part above. (a3) The parts of this question must be completed in order. This part will be available when you complete the part above.

Homework Answers

Answer #1
Income Statement
For the Year Ended November 30, 2017
Sales
Sales Revenue 1175200
Less: Sales Returns and Allowances 26000
Net sales 1149200
Cost of goods sold 798590
Gross Profit 350610
Operating expenses:
Freight-out 8060
Depreciation Expense 17550
Insurance Expense 11700
Advertising expense 43550
Rent expense 44200
Salaries and Wages expense 152100
Utilities expense 13780
Total operating expenses 290940
Income from Operations 59670
Other Revenue and gains
Gain on Disposal of Plant Assets 2600
Other expenses and losses
Interest expense 6500
Income before income taxes 55770
Income tax expense 13000
Net income/(loss) 42770
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Problem 5-4A Wolford Department Store is located in midtown Metropolis. During the past several years, net...
Problem 5-4A 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 $ 34,840 Accounts Receivable 22,360 Accumulated Depreciation—Equipment 88,400 Cash 10,400 Common Stock 45,500 Cost of Goods Sold 798,590 Freight-Out 8,060 Equipment 204,100 Depreciation Expense 17,550 Dividends...
Problem 5-4A (Part Level Submission) Wolford Department Store is located in midtown Metropolis. During the past...
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...
Do It! Review 10-1b During the month of February, Riverbed Corp’s employees earned wages of $94,720....
Do It! Review 10-1b During the month of February, Riverbed Corp’s employees earned wages of $94,720. Withholdings related to these wages were $7,246 for Social Security (FICA), $9,088 for federal income tax, and $2,432 for state income tax. Costs incurred for unemployment taxes were $141 for federal and $205 for state. Prepare the February 28 journal entries for (a) Salaries and wages expense and salaries and wages payable assuming that all February wages will be paid in March (b) The...
These financial statement items are for Swifty Corporation at year-end, July 31, 2017. Salaries and wages...
These financial statement items are for Swifty Corporation at year-end, July 31, 2017. Salaries and wages payable $ 3,680 Salaries and wages expense 58,900 Supplies expense 17,000 Equipment 20,100 Accounts payable 4,100 Service revenue 67,500 Rent revenue 9,900 Notes payable (due in 2020) 3,800 Common stock 16,000 Cash 30,400 Accounts receivable 11,780 Accumulated depreciation—equipment 7,500 Dividends 4,000 Depreciation expense 5,500 Retained earnings (beginning of the year) 35,200 Prepare an income statement for the year. Swifty Corporation did not issue any...
Exercise 5-09 a-b (Part Level Submission) Presented below is information for Kaila Company for the month...
Exercise 5-09 a-b (Part Level Submission) Presented below is information for Kaila Company for the month of March 2020. Cost of goods sold $215,000 Rent expense $30,000 Freight-out 7,000 Sales discounts 8,000 Insurance expense 6,000 Sales returns and allowances 13,000 Salaries and wages expense 58,000 Sales revenue 380,000 (a) Your answer is correct. Prepare a multiple-step income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) KAILA COMPANY Income Statement For...
The adjusted trial balance columns of the worksheet for Oriole Company are as follows. ORIOLE COMPANY...
The adjusted trial balance columns of the worksheet for Oriole Company are as follows. ORIOLE COMPANY Worksheet (partial) For the Month Ended April 30, 2020 Adjusted Trial Balance Account Titles Dr. Cr. Cash 11,500 Accounts Receivable 8,000 Prepaid Rent 2,500 Equipment 23,000 Accumulated Depreciation—Equip. 4,700 Notes Payable 5,500 Accounts Payable 5,300 Owner’s Capital 29,340 Owner’s Drawings 3,400 Service Revenue 15,900 Salaries and Wages Expense 10,900 Rent Expense 800 Depreciation Expense 640 Interest Expense 80 Interest Payable    80     Totals 60,820...