Question

Question 6 View Policies Current Attempt in Progress 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 Accounts Receivable Accumulated Depreciation-Equipment Cash Common Stock Cost of Goods Sold Freight-Out Equipment Depreciation Expense Dividends Gainon 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 Sales Retums and Allowances Utilities Expense $30,016 19.264 76,160 8.960 39,200 688,016 6,944 175,840 15.120 13,440 2.240 11,200 10,080 5,600 29,344 48.720 6.720 37.520 38,080 15,904 131040 1,012,480 6.720 22,400 11872 Additional data: Notes payable are due in 2021.

Answer 1

1012480 39,400 $ 990,080 | $688,016 30.9064 Auss Depvetment Stake Income Statement for the year anded Nov. 30, 2017 Sales Sales Revenue Less: Sales Returns and allowances Net Sales - Cost of goods sold Gross profit Operating Expenses & Posight out 146944 Depreciation Expense $ 15,120 Insurance expense $10,080 Advertising expense $37,520 Rent Expense 438,080 Salones and wages expense $131,040 utilities Expense $11,872 Total Operating expenses Income from Operations Other Revenues & Grains Gain on disposal of plant Assets Other Expenses $ 6o8best Juterest Expenses Income before income taxes Income tax Expense Net Incomel (loss) $250,656 $ 51,408 $$40 $5600 $48048 $11,00 $36,848

WOLFORD Department Store . Refarired Earnings statement B for the Year Ended December 30, 2017 Retained Earnings. December 1, 2016 Adds Net Income 1 (loss) $15904 $36,848 $52,752 | Less: Dividends | Retained Earnings, November 30, 2017 $13,440 $39312 WOLFORD Department store .. Balance sheet December 31, 2017 Assets Cwerend Assets - 98960 Cash Accounts Receivable $ 19,964 Inventory $29,344 Prepaid Insurance $6720 Total Current Assets Property, plout and equipment Equipment $175,840 Lessi. Accumulated Depruegafin- quipment $76,160 - Total Assets $ 64,888 $91,680 $ 163,968

:. % 36,736 $48,720 Lahili kies and stockholdeis equity Current Liabilities & $30016 Decourut Prepable Salaries and wages Payable $6790 Total Cissent liabilisis Long term habilities Notes payable Total Cabilities Stockholder's equity Common stock $39,900 Retained Earrings $ 39,312 Total stockholder's equity Total Cabilities and stockholder' equity . $85,456 $ 78,512 $163,968
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