Problem 5-4A (Part Level Submission) Wolford Department Store s located in midto

Question

Problem 5-4A (Part Level Submission) Wolford Department Store s located in midtown Metropolis. During e past several years, ne ncome has been de n ng because su urban shopping centers ha e been a rac n business a sy on November 30, 2017, these accounts appeared in its adjusted trial balance. m o a ea·ALthe end or the compan fiscal year Accumulated Depreciation-Equipment Cost of Goods Sold Gain on Disposal of Plant Assets Salaries and Wages Payable Sales Returns and Allowances Additional data: Notes payable are due in 2021.

Explanation / Answer

WOLFORD DEPARTMENT STORE Income Statement For the Year Ended November 30 2017 Income from Operations: Sales Revenue 1084800 Less: Sales Returns & Allowances 24000 Net Sales 1060800 Cost of Goods Sold 737160 Gross Profit 323640 Operting Expenses: Freight Out 7440 Depreciation Expense 16200 Insurance Expense 10800 Advertising Expense 40200 Rent Expense 40800 Salaries and wages expense 140400 Utilities Expenses 12720 Total Operating Expense 268560 Income from Operations 55080 Other Revenue and Gains: Gain on Disposal of Plant Assets 2400 Other Expenses and Losses Interest Expense 6000 Income Before Income Taxes 51480 Income Tax Expense 12000 Net Income/(Loss) 39480

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