Question

Cullumber 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, 2022, these accounts appeared in its adjusted trial balance. Accounts Payable $ 75,800 Accounts Receivable 49,400 Accumulated Depreciation—Equipment 197,200 Cash 23,200 Common Stock 101,500 Cost of Goods Sold 1,768,470 Freight-Out 18,780 Equipment 460,970 Depreciation Expense 40,300 Dividends 34,800 Gain on Disposal of Plant Assets 5,800 Income Tax Expense 29,000 Insurance Expense 26,100 Interest Expense 14,500 Inventory 75,500 Notes Payable 126,150 Prepaid Insurance 17,400 Advertising Expense 97,150 Rent Expense 98,600 Retained Earnings 40,700 Salaries and Wages Expense 344,080 Sales Revenue 2,621,000 Salaries and Wages Payable 17,400 Sales Returns and Allowances 58,000 Utilities Expense 29,300 Additional data: Notes payable are due in 2026. (a1) Prepare a multiple-step income statement. (List other revenues before other expenses.) CULLUMBER DEPARTMENT STORE Income Statement choose the accounting period                                                                      For the Month Ended November 30, 2022For the Year Ended November 30, 2022November 30, 2022 Select an opening name for section one                                                                      DividendsNet Income / (Loss)Retained Earnings, December 1, 2011Retained Earnings, November 30, 2012SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome From OperationsOther Revenues and GainsOther Expenses and LossesIncome Before Income Taxes Enter an income statement item $Enter a dollar amount Select between addition and deduction                                                                      AddLess: Select an income statement item Enter a dollar amount Select a closing name for section one                                                                      DividendsNet Income / (Loss)Retained Earnings, December 1, 2011Retained Earnings, November 30, 2012SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome From OperationsOther Revenues and GainsOther Expenses and LossesIncome Before Income Taxes Enter a total amount for section one Enter an income statement item Enter a dollar amount Select a summarizing line for the first part                                                                      DividendsNet Income / (Loss)Retained Earnings, December 1, 2011Retained Earnings, November 30, 2012SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome From OperationsOther Revenues and GainsOther Expenses and LossesIncome Before Income Taxes Enter a total amount for the first part Select an opening name for section two                                                                      DividendsNet Income / (Loss)Retained Earnings, December 1, 2011Retained Earnings, November 30, 2012SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome From OperationsOther Revenues and GainsOther Expenses and LossesIncome Before Income Taxes Enter an income statement item $Enter a dollar amount Enter an income statement item Enter a dollar amount Enter an income statement item Enter a dollar amount Enter an income statement item Enter a dollar amount Enter an income statement item Enter a dollar amount Enter an income statement item Enter a dollar amount Enter an income statement item Enter a dollar amount Select a closing name for section two                                                                      DividendsNet Income / (Loss)Retained Earnings, December 1, 2011Retained Earnings, November 30, 2012SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome From OperationsOther Revenues and GainsOther Expenses and LossesIncome Before Income Taxes Enter a total amount for section two select a summarizing line for the second part                                                                      DividendsNet Income / (Loss)Retained Earnings, December 1, 2011Retained Earnings, November 30, 2012SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome From OperationsOther Revenues and GainsOther Expenses and LossesIncome Before Income Taxes Enter a total amount for the second part Select an opening name for section three                                                                      DividendsNet Income / (Loss)Retained Earnings, December 1, 2011Retained Earnings, November 30, 2012SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome From OperationsOther Revenues and GainsOther Expenses and LossesIncome Before Income Taxes Enter an income statement item Enter a dollar amount Select an opening name for section four                                                                      DividendsNet Income / (Loss)Retained Earnings, December 1, 2011Retained Earnings, November 30, 2012SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome From OperationsOther Revenues and GainsOther Expenses and LossesIncome Before Income Taxes Enter an income statement item Enter a dollar amount Select a summarizing line for the third part                                                                      DividendsExpensesNet Income / (Loss)Retained Earnings, December 1, 2011Retained Earnings, November 30, 2012SalesTotal ExpensesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome From OperationsOther Revenues and GainsOther Expenses and LossesIncome Before Income Taxes Enter a total amount for all three parts Enter an income statement item

Answer 1

Income Statement (Multi Step)
Sales Revenue	$ 2,621,000
Less Sales Return and allowances	$        58,000
Net Sales Revenue		$ 2,563,000
Cost of Goods Sold		$ 1,768,470
Gross Profit		$     794,530
Operating Expenses
Freight Out	$        18,780
Depreciation Expense	$        40,300
Insurance Expense	$        26,100
Advertising Expense	$        97,150
Rent Expense	$        98,600
Salaries and Wages Expense	$      344,080
Utilities Expense	$        29,300
Total Operating Expenses		$      654,310
Net Operating Income		$     140,220
Other Income / (Expenses)
Interest Expense		$      (14,500)
Gain on Disposal of Plant Assets		$          5,800
Income before income tax		$     131,520
Income Tax expense		$        29,000
Net Income		$     102,520

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