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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

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 $ 38,592
Accounts Receivable 24,768
Accumulated DepreciationEquipment 97,920
Cash 11,520
Common Stock 50,400
Cost of Goods Sold 884,592
Freight-Out 8,928
Equipment 226,080
Depreciation Expense 19,440
Dividends 17,280
Gain on Disposal of Plant Assets 2,880
Income Tax Expense 14,400
Insurance Expense 12,960
Interest Expense 7,200
Inventory 37,728
Notes Payable 62,640
Prepaid Insurance 8,640
Advertising Expense 48,240
Rent Expense 48,960
Retained Earnings 20,448
Salaries and Wages Expense 168,480
Sales Revenue 1,301,760
Salaries and Wages Payable 8,640
Sales Returns and Allowances 28,800
Utilities Expense

15,264

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

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