Solution-Discuss prepare a multiple-step income statement

Discuss prepare a multiple-step income statement

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Reference no: EM131769971

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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 business away from city areas. At the end of the company's fiscal year on November 30, these accounts appeared in its adjusted trial balance.

Accounts Payable	mce_markernbsp;27,336
Accounts Receivable	17,544
Accumulated Depreciation-Equipment	69,360
Cash	8,160
Common Stock	35,700
Cost of Goods Sold	626,586
Freight-Out	6,324
Equipment	160,140
Depreciation Expense	13,770
Dividends	12,240
Gain on Disposal of Plant Assets	2,040
Income Tax Expense	10,200
Insurance Expense	9,180
Interest Expense	5,100
Inventory	26,724
Notes Payable	44,370
Prepaid Insurance	6,120
Advertising Expense	34,170
Rent Expense	34,680
Retained Earnings	14,484
Salaries and Wages Expense	119,340
Sales Revenue	922,080
Salaries and Wages Payable	6,120
Sales Returns and Allowances	20,400
Utilities Expense	10,812

Additional data: Notes payable are due in 2021.

Prepare a multiple-step income statement. (List other revenues before other expenses.)

Reference no: EM131769971

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Discuss prepare a multiple-step income statement

Reference no: EM131769971

Reference no: EM131769971

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