Show Amt History Ctrent Artemin Progress Wolford Department Store is located in Metropolis During the past several years.net Income has been defecar sur hepping centers have bemannine way from the end of the comparacal year on November 30, 2017 these accounts appeared in its de la balance 534304 Accounts Payable Accounts Receivable Accumulated Depreciation-oviment Cash 22.016 87040 10240 44.800 756304 7.936 200.960 17.280 Common Stock Cost of Goods Solid Freight Out Equipment Depreciation Experte Dividende Ganon Disposal of Plantas Income Tax Experide Insurance Expense Merest Expen 15360 2560 12.000 115 6400 Inventory 33.53 Notes Payable 55,680 Prepaid Insurance 7,680 42,880 43,520 18.176 Advertising Expense Rent Expense Retained Earnings Salaries and Wages Expense Sales Revenue Salaries and Wages Payable 149,760 1157,120 7.680 Sales Returns and Allowances 25.600 h Utilities Expense 13,568 OCCO Guru NO FOR ow 10511 1 12 13.20 12 100 POLE ON OCHT Total Operating Exp Income From Operations Other Revenues and Galins Gain on Disposal of Plant Assets Other Expenses and losses Interest Expense Income Before Income Taxes Income Tax Expense Net Income (Loss) R e Textbook and Media Denises 144384 200,832 d Gains of Plant Assets 2.560 des 6.400 V 196.992 12.000 eTextbook and Media Your answer is partially correct Prepare a retained earnings statement. (List items that increase retained earnings first) WOLFORD DEPARTMENT STORE Retained Earnings Statement For the Year Ended November 30, 2017 Retained Earnings, December 1, 2016 Add : Net Income/(10) DORO Less Dividends Retained Earnings, November 30, 2017 eTextbook and Media PARTMENT STORE Balance Sheet Assets Current Assets Accounts Receivable DOON Irwantory Prenald Insurance Total Current Assets Property Plant and Equipment Equipment Les Accumcised Dependent Total Asset Liabilities and Stockholders' Equity Ishinies and Stockholders' Equity Current Acable Salaries and Wages Patie Total Currentes Lone termine Notes Puyable Total Labs Stockholders' Equity Common Stock Retained Earning Your Answer Correct Answer X Your answer is incorrect Calculate the profit margin and the gross profit rate (Round answers to 1 decimal place, ag. 15.2% Profit margin %6 Gross profit rate eTextbook and Media Solution List of Accounts 7 * Your answer is incorrect The vice president of marketing and the director of human resources have developed a proposal whereby the company would compensate the sales force on a strictly commission basis. Given the increased incentive, they expect net sales to increase by 15% As a result, they estimate that gross profit will increase by $51,767 and expenses by $75,008. Compute the expected newnet income. Then, compute the revised profit margin and gross profit rate. Ignore income tax effects) Revised net income Revised profit margin (Round to 1 decimal place, es 15.2%) Revised gross profit rate (Round to i decimal place, eg. 15.28 eTextbook and Media Solution List of Accounts
