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 companys fiscal year on November 30, 2017, these accounts appeared in its adjusted trial balance.

Accounts Payable		$ 30,016
Accounts Receivable		19,264
Accumulated DepreciationEquipment		76,160
Cash		8,960
Common Stock		39,200
Cost of Goods Sold		688,016
Freight-Out		6,944
Equipment		175,840
Depreciation Expense		15,120
Dividends		13,440
Gain on Disposal of Plant Assets		2,240
Income Tax Expense		11,200
Insurance Expense		10,080
Interest Expense		5,600
Inventory		29,344
Notes Payable		48,720
Prepaid Insurance		6,720
Advertising Expense		37,520
Rent Expense		38,080
Retained Earnings		15,904
Salaries and Wages Expense		131,040
Sales Revenue		1,012,480
Salaries and Wages Payable		6,720
Sales Returns and Allowances		22,400
Utilities Expense		11,872

Additional data: Notes payable are due in 2021.

(a1) Prepare a multiple-step income statement. (List other revenues before other expenses.)