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 $ 35,376 Accounts Receivable 22,704 Accumulated Depreciation—Equipment 89,760 Cash 10,560 Common Stock 46,200 Cost of Goods Sold 810,876 Freight-Out 8,184 Equipment 207,240 Depreciation Expense 17,820 Dividends 15,840 Gain on Disposal of Plant Assets 2,640 Income Tax Expense 13,200 Insurance Expense 11,880 Interest Expense 6,600 Inventory 34,584 Notes Payable 57,420 Prepaid Insurance 7,920 Advertising Expense 44,220 Rent Expense 44,880 Retained Earnings 18,744 Salaries and Wages Expense 154,440 Sales Revenue 1,193,280 Salaries and Wages Payable 7,920 Sales Returns and Allowances 26,400 Utilities Expense 13,992 Additional data: Notes payable are due in 2021. (a1) Prepare a multiple-step income statement.
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 $ 35,376 Accounts Receivable 22,704 Accumulated Depreciation—Equipment 89,760 Cash 10,560 Common Stock 46,200 Cost of Goods Sold 810,876 Freight-Out 8,184 Equipment 207,240 Depreciation Expense 17,820 Dividends 15,840 Gain on Disposal of Plant Assets 2,640 Income Tax Expense 13,200 Insurance Expense 11,880 Interest Expense 6,600 Inventory 34,584 Notes Payable 57,420 Prepaid Insurance 7,920 Advertising Expense 44,220 Rent Expense 44,880 Retained Earnings 18,744 Salaries and Wages Expense 154,440 Sales Revenue 1,193,280 Salaries and Wages Payable 7,920 Sales Returns and Allowances 26,400 Utilities Expense 13,992 Additional data: Notes payable are due in 2021. (a1) Prepare a multiple-step income statement.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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