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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
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 company's fiscal year on November 30, 2017, these accounts appeared in its adjusted trial balance. | |||
Account Title | Amount | Identify the Financial Statement: Income Statement = IS Retained Earnings Statement = RE Balance Sheet = BS | Identify the Account Type: Current Asset = CA PP&E = PP&E Intangible Assets = IA Long Term Investment = LTI Current Liability = CL Lont Term Liab. = LTL Stockholders' Equity = SE Revenue = Rev Expense = Exp Other Income Items = Other Retained Earnings = RE |
Accounts Payable | 25,800 | ||
Accounts Receivable | 15,200 | ||
Accumulated DepreciationEquipment | 68,000 | ||
Cash | 10,000 | ||
Common Stock | 35,000 | ||
Cost of Goods Sold | 614,300 | ||
Freight-Out | 6,200 | ||
Equipment | 157,000 | ||
Depreciation Expense | 13,500 | ||
Dividends | 12,000 | ||
Gain on Disposal of Plant Assets | 2,000 | ||
Income Tax Expense | 9,000 | ||
Insurance Expense | 10,000 | ||
Interest Expense | 5,000 | ||
Inventory | 26,200 | ||
Notes Payable | 43,500 | ||
Prepaid Insurance | 6,000 | ||
Advertising Expense | 33,500 | ||
Rent Expense | 35,000 | ||
Retained Earnings | 14,200 | ||
Salaries and Wages Expense | 117,000 | ||
Salaries and Wages Payable | 7,000 | ||
Sales Returns and Allowances | 20,000 | ||
Sales Revenue | 904,000 | ||
Utilities Expense | 9,600 | ||
Additional data: Notes payable are due in 2021. | |||
Instructions | |||
1. Prepare a multiple-step income statement, a retained earnings statement, and a classified balance sheet. | |||
2. Use CELL REFERENCING for as many entries in your financial statements as you can. | |||
3. Calculate the profit margin and the gross profit rate using CELL REFERENCING
I did this all I just want to make sure everthing is correct and formatted properly I know this is a big task but if your up for it that would bee great and has to be accurate. if you can se excell to do this it would be even better!
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