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		$ 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.

Sales Sales Revenue 1,139,040 Less Sales Returns and Allowances 25,200 Net Sales 1164240 Cost of Goods Sold 774,018 Gross Profit 390222 Operating Expenses Salaries and Wages Expense 147.420 Rent Expense 42,840 Advertising Expense 42,210 Depreciation Expense 17,010 Utilities Expense 13,356 Insurance Expense 11,340 Freight-Out 7.812 Total Operating Expenses 281988 Income From Operations 108234 Other Revenues and Gains Gain on Disposal of Plant Assets 2520 Other Expenses and losses Interest Expense 11,340 Income Before Income Taxi 99414 Income Tax Expense 12,600 Net Income (Los) 86814 Click if you would like to show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT LINK TO TEXT (2) Prepare a retained earnings statement. (List items that increase retained earnings first.) WOLFORD DEPARTMENT STORE Retained Earnings Statement Click if you would like to Show Work for this question: Open Show Work