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WileyPlus Assignments × y WileyPLUS C l Secure https//edu gen.wileyplus.com/edugen'tumanuni w w 1 1 y r Bele l System Announcements Assignment > Open Assignment ASSIGNMENT Problem 5-4A (Part Level Submission) 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 s 26,800 17.200 68,000 8,000 35,000 614.300 Common Stock Cost of Goods Sold Dividends Gain on Disposal of Plant Assets Income Tax Expense Insurance Expense Interest Expense Inventory Notes Payable Prepaid Insurance Advertising Expen se Rent Expense 157 000 13.500 12,000 2,000 10,000 9,000 5,000 26,200 43,500 6,000 33,500 ^ @ 2017 ype here

Explanation / Answer

Wolford Multi-Step Income Statement For the Year Ended novmber 30 2017 Sales Revenue                      904,000 less Sales Returns and Allowances                      (20,000) Net Sales               884,000 Cost of Goods Sold               614,300 Gross Profit               269,700 Operating Expenses Freight-Out                           6,200 Depreciation expenses                        13,500 Advertising Expense                        33,500 Utilities Expense                        10,600 Salaries & Wage Expenses                      117,000 Rent Expense                        34,000 Insurance Expense                           9,000 Total Operating exenses             (223,800) Non-Operating Gain on Disposal of Plant and assets                           2,000 Interest Expense                        (5,000) Income Tax Expense                      (10,000) Total Non-Operating               (13,000) Net income                 32,900

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