Question

PULL L EN PRINTER VERSION BACK NEXT Problem 5-04A (Part Level Submission) Oriole 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 Accounts Receivable Accumulated Depreciation-Equipment Cash Common Stock Cost of Goods Sold Freight-Out Equipment Depreciation Expense Dividends Gain on Disposal of Plant Assets Income Tax Expense Insurance Expense Interest Expense Inventory Notes Payable Prepaid Insurance Advertising Expense Rent Expense Retained Earnings Salaries and Wages Expense Sales Revenue Salaries and Wages Payable $ 23,800 15,400 61,200 7,200 31,500 549,240 5,890 143,290 12.300 10.800 1,800 9,000 8,100 4,500 23,500 39,150 5,400 30,150 30,600 12,700 106,880 814,000 5,400 nn Sans In All Rights Reserved. A Division of John Wiley & Sons, Inc.

Answer 1

S (12.300) ORIOLE DEPARTMENT STORE Income Statement November 30,2022 Amount Amount Sales Revenue $ 814,000 Less : Sales returns and allowances S (18,000) $ 796,000 Cost of Goods sold $(549,240) Gross Profit $ 246,760 Operating expenses Fright Out $ (5,890) Depreciation Expense Advertaisement Expenses $ (30,150) Insurance Expense $ (8,100) Rent Expenses $ (30,600) Salries and wages Expenses S (106,880) Utilities Expenses $ (9,300) Total Operating expenses S (203,220 Income from Operations $ 43,540 Non-Operating or Other Gain on Disposal of Plant Assets $ 1,800 Interest Expense S (4,500) Total Non-opearting S (2,700) Income before Income Tax $ 40,840 Income Tax expense 9,000 Net Income $ 31,840