Really need help with this please and thank you. 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.Prepare a multiple step income statement, retained earnings statement, and a balance sheet. Accounts Payable $ 30,016Accounts Receivable 19,264Accumulated Depreciation—Equipment 76,160Cash 8,960Common Stock 39,200Cost of Goods Sold 688,016Freight-Out 6,944Equipment 175,840Depreciation Expense 15,120Dividends 13,440Gain on Disposal of Plant Assets 2,240Income Tax Expense 11,200Insurance Expense 10,080Interest Expense 5,600Inventory 29,344Notes Payable 48,720Prepaid Insurance 6,720Advertising Expense 37,520Rent Expense 38,080Retained Earnings 15,904Salaries and Wages Expense 131,040Sales Revenue 1,012,480Salaries and Wages Payable 6,720Sales Returns and Allowances 22,400Utilities Expense 11,872

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Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter1: Introduction To Accounting And Business

Section: Chapter Questions

Problem 27E

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Really need help with this please and thank you.

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.

Prepare a multiple step income statement, retained earnings statement, and a balance sheet.

Accounts Payable		$ 30,016
Accounts Receivable		19,264
Accumulated Depreciation—Equipment		76,160
Cash		8,960
Common Stock		39,200
Cost of Goods Sold		688,016
Freight-Out		6,944
Equipment		175,840
Depreciation Expense		15,120
Dividends		13,440
Gain on Disposal of Plant Assets		2,240
Income Tax Expense		11,200
Insurance Expense		10,080
Interest Expense		5,600
Inventory		29,344
Notes Payable		48,720
Prepaid Insurance		6,720
Advertising Expense		37,520
Rent Expense		38,080
Retained Earnings		15,904
Salaries and Wages Expense		131,040
Sales Revenue		1,012,480
Salaries and Wages Payable		6,720
Sales Returns and Allowances		22,400
Utilities Expense		11,872

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The income statement is prepared to record the revenues and expenses of the current period.

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