0.371 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 $ 34,304 22.016 Accounts Receivable Accumulated Depreciation Equipment 87.040 Cash 10,240 Common Stock 44.800 Cost of Goods Sold 786,304 7,936 Freight-Out Equipment 200,960 Depreciation Expense 17.280 Dividends 15,360 Gain on Disposal of Plant Assets 2.560 Income Tax Expense 12.000 Insurance Expense 31.520 Interest Expense 6.000 Inventory 99.536 Notes Payable 55. ProRidinance 7.580 Advertising Expense 42.680 Rent Expense 12520 174 Retained Earnings Salaries and Wagen 7160 1157,120 Sus Ree Selaras and ages ab 7.580 Ben Frances 35.00 us 17.560 11- M 4 A V 2011 17 ST VESTE I DET STU 15 1920 10 7535 75.000 SITET AL ) DEATMENTIONS 03/1 Question 2 of 5 chool and Mod Uit of Acco Your ANWAR dar Vauranter le garsally Prepare and aming naman let that is coming fint WOLFORD DEPARTMENT STORE Ratained Earnings Statement Forth Novembw4, 2017 Rendamine. Dar 2016 Nico/ TOON TA Bandi Parador Nou 2017 Tan Micas Lof Account PH 03/1 Questionats WOLFORD CHARTHENT STORE DODO and they - Hila RE Your Answer Correct Answer * Your answer is incorrect. Calculate the profit margin and the gross profit rate (Round answers to 1 decimal place, eg. 15.2%) Profit margin 96 Gross profit rate e Textbook and Media Solution W WS Ece- Your Answer Correct Answer x Your answer is incorrect The vice president of marketing and the director of human resources have developed a proposal whereby the company would compensate the sales force on a strictly commission basis. Given the increased incentive, they expect net sales to increase by 15%. As a result, they estimate that gross profit will increase by $51.767 and expenses by $75,008. Compute the expected new net income Then.compute the revised profit margin and gross profit rate (Ignore income tax effects.) Revised net income Revised profit margin (Round to 1 decimal place, e.g. 15.2%) Revised gross profit rate (Round to 1 decimal place, eg. 15.2%) e Textbook and Media Show Amt History Garret Attention Progress Wolford Department Store is located in Metropolis During that everal years, net incombe defiecare han shepping centers have been attracting business away from city areas. At the end of the company freely on Home 30,2017 the accounts appeared in the balance 534304 22016 Accounts Payable Actes Receivable Accumulated Depreciation Equipment Cash 87040 10240 44.800 786 304 7.936 Common Stock Cost of Goods Sold Freight Out Equipment Depreciation Experte Dividends Gainon Disposal of Plantas Income Tax Experide Intrance Expense 200.960 17.280 15360 2.560 12.000 1150 Merest Expense Invente 33.53 Notes Payable 55,680 Prepaid Insurance 7,680 Advertising Expense 42,880 Rent Expense 43,520 18,176 149.760 Retained Earnings Salaries and Wages Expense Sales Revenue Salaries and Wages Payable 1157,120 7.680 Sales Returns and Allowances 25,600 Utilities Expense 13,568 SOCO Orios 1 Wow 111 1 12 1PC 100 VESH MORE OZAT Total Operating Expenses Income From Operations Other Revenues and Gains Gain on Disposal of Piant Assets Other Expenses and losses Interest Expense Income Before Income Taxes Income Tax Expense Net Income (Loss) e Textbook and Media 144 384 200832 Gains of Plant Assets 2.560 dones 6.400 me Tas V 196.992 12.000 154 192 eTextbook and Media Your answer is partially correct. Prepare a retained earnings statement. (List items that increase retained earnings first) WOLFORD DEPARTMENT STORE Retained Earnings Statement For the Year Ended November 30, 2017 Retained Earnings, December 1, 2016 Add : Net Income/tt0) DOCE Less Dividends Retained Earnings, November 30, 2017 eTextbook and Media PARTMENT STORE Balance Sheet Assets Current Assets Cath Accounts Receivable DOO Inventory Prenald Insurance Tocal Current Assets Property Plant and Equipment Equipment Accmid Deprec-Eint Total Assets Liabilities and Stockholders' Equity Ishinies and Stockholders' Equity Current Acte Salaries and Wages Payslite Total Current times Long termes Notes Payable Totaltabi Stockholders' Equity Common Stock Reclined Earnings E Your Answer Correct Answer x Your answer is incorrect Calculate the profit margin and the gross profit rate (Round answers to 1 decimal place, eg 152% Profit margin 95 Gross profitrate 96 eTextbook and Media Solution List of Accounts 7 * Your answer is incorrect The vice president of marketing and the director of human resources have developed a proposal whereby the company would compensate the sales force on a strictly commission basis. Given the increased incentive, they expect net sales to increase by 15% As a result, they estimate that gross profit will increase by $51,767 and expenses by $75.008. Compute the aspected newnet income. Then, compute the revised profit margin and gross profit rate. Ignore Income tax effects) Revised net income Revised profit margin (Round to 1 decimal place, es 15.20 Revised gross profit rate (Round to 1 decimal place, es 15.4 eTextbook and Media Solution List of Accounts