Prepare a multiple-step income statement for wolford store

Reference no: EM131900512

Problem

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	$ 38,592
Accounts Receivable	24,768
Accumulated Depreciation-Equipment	97,920
Cash	11,520
Common Stock	50,400
Cost of Goods Sold	884,592
Freight-Out	8,928
Equipment	226,080
Depreciation Expense	19,440
Dividends	17,280
Gain on Disposal of Plant Assets	2,880
Income Tax Expense	14,400
Insurance Expense	12,960
Interest Expense	7,200
Inventory	37,728
Notes Payable	62,640
Prepaid Insurance	8,640
Advertising Expense	48,240
Rent Expense	48,960
Retained Earnings	20,448
Salaries and Wages Expense	168,480
Sales Revenue	1,301,760
Salaries and Wages Payable	8,640
Sales Returns and Allowances	28,800
Utilities Expense	15,264

Prepare a multiple-step income statement. (List other revenues before other expenses.)

Reference no: EM131900512

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