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I'm having some trouble preparing an income statement using the following data. Wolford Department Store is located in midtown Metropolis. During the past several years,

I'm having some trouble preparing an income statement using the following data.

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$28,408

Accounts Receivable 18,232

Accumulated DepreciationEquipment 72,080

Cash 8,480

Common Stock 37,100

Cost of Goods Sold 651,158

Freight-Out 6,572

Equipment 166,420

Depreciation Expense 14,310

Dividends 12,720

Gain on Disposal of Plant Assets 2,120

income Tax Expense 10,600

Insurance Expense 9,540

Interest Expense 5,300

Inventory 27,772

Notes Payable 46,110

Prepaid Insurance 6,360

Advertising Expense 35,510

Rent Expense 36,040

Retained Earnings 15,052

Salaries and Wages Expense 124,020

Sales Revenue 958,240

Salaries and Wages Payable 6,360

Sales Returns and Allowances 21,200

Utilities Expense 11,236

Additional Data: Notes payable are due in 2021.

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