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help fill out this retained earnings statement Wolford Department Store is located in midtown Metropolis. During the past several years, net income has been declining

help fill out this retained earnings statement

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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 iis adjusted trial balance. Accounts Payable $ 33,768 Accounts Receivable 21,672 Accumulated DepreciationEquipment 85,680 Cash 10,080 Common Stock 44,100 Cost of Goods Sold 774,018 Freight-Out 7,812 Equipment 197,820 Depreciation Expense 17,010 Dividends 15,120 Gain on Disposal of Plant Assets 2,520 Income Tax Expense 12,600 Insurance Expense 11,340 Interest Expense 6,300 Inventory 33,012 Notes Payable 54,810 Prepaid Insurance 7,560 Advertising Expense 42,210 Rent Expense 42,840 Retained Earnings 17,892 Salaries and Wages Expense 147,420 Sales Revenue 1,139,040 Salaries and Wages Payable 7,560 Sales Returns and Allowances 25,200 Utilities Expense 13,356 Additional data: Notes payable are due in 2021. WOLFORD DEPARTMENT STORE Income Statement Assignment page he Year Ended November 30, 2017 Sales Sales Revenue 1139040 Less Sales Returns and Allowances 25200 Net Sales 1113840 Cost of Goods Sold 774018 Gross Profit 339822 Operating Expenses Freight-Out 7812 $1 Depreciation Expense 17010 V Insurance Expense 11340 Advertising Expense 42210 Rent Expense 42840 Salaries and Wages Expense 147420 Utilities Expense 13356 Total Operating Expenses 281988 Income From Operations 57834 Other Revenues and Gains Gain on Disposal of Plant Assets 2520 Other Expenses and Losses Interest Expense 6300 Income Before Income Taxes 54054 Income Tax Expense 12600 Net Income / (Loss) 41454

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