Income statement, retained earnings statement, balance sheet, liabilities and st

Question

Income statement, retained earnings statement, balance sheet, liabilities and stockholders equity. Wolford Depart tment Store is located in midtown Metropolis. During the past several years, net income has been declining because suburban shopping centers have been areas. At the end of the company's fiscal year on November 30, 2017, these accounts appear attracting business away from city ed in it adjusted trial balance Accounts Payable $32,160 Accounts Recelvable 20,640 Accumulated Depreciation-Equipment 81,600 Cash 9,600 Common Stock 42,000 Cost of Goods Sold 737,160 Freight-Out 7,440 Equipment 188,400 Depreciation Expense 16,200 Dividends 14,400 Gain on Disposal of Plant Assets 2,400 Income Tax Expense 12,000 Insurance Expense 10,800 Interest Expense 6,000 nventory 31,440 Notes Payable 52,200 Prepaid Insurance 7,200 Advertising Expense 40,200 Rent Expense 40,800 Retained Earnings 17,040 Salaries and Wages Expense 140,400 Sales Revenue 1,084,800 Salaries and Wages Payable 7,200 Sales Returns and Allowances 24,000 Utilities Expense 12,720

Explanation / Answer

Income Statement :-

Statement of Retained Earnings :-

Balance Sheet :-

Particulars Amount($) Amount($) Sales 1084800 Less : Sales Returns & Allowance (24000) Net Sales 1060800 Less : Cost of Goods Sold (737160) Gross Profit 323640 Less : Operating Expense Advertising Expense 40200 Freight Out 7440 Depreciation Exp. 16200 Utilities Exp. 12720 Salaries & Wages Exp. 140400 Rent Exp. 40800 Insurance Expense 10800 Total Operating Expenses 268560 (268560) Operating Income 55080 Non Operating Income/(Expense) Gain on Disposal of Plant 2400 Interest Expense (6000) Income Tax Expense (12000) Total Non Operating Income/(Expenses) (15600) (15600) Net Income 39480

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