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		$ 37,520
Accounts Receivable		24,080
Accumulated DepreciationEquipment		95,200
Cash		11,200
Common Stock		49,000
Cost of Goods Sold		860,020
Freight-Out		8,680
Equipment		219,800
Depreciation Expense		18,900
Dividends		16,800
Gain on Disposal of Plant Assets		2,800
Income Tax Expense		14,000
Insurance Expense		12,600
Interest Expense		7,000
Inventory		36,680
Notes Payable		60,900
Prepaid Insurance		8,400
Advertising Expense		46,900
Rent Expense		47,600
Retained Earnings		19,880
Salaries and Wages Expense		163,800
Sales Revenue		1,265,600
Salaries and Wages Payable		8,400
Sales Returns and Allowances		28,000
Utilities Expense		14,840

Additional data: Notes payable are due in 2021.

(a2) Prepare a retained carnings statenent. (List items that incrcase retained carnings first.) WOLFORD DEPARTMENT STORE Retained Earnings Statement Click if you would like to Show Work for this question: Modify Show Work