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home / study / business / accounting / accounting questions and answers / Problem 5-4A (Part Level Submission) Wolford Department Store Is Located In Midtown Metropolis. ... Your question has been answered Let us know if you got a helpful answer. Rate this answer Question: Problem 5-4A (Part Level Submission) Wolford Department Store is located in midtown Metropolis. D... Problem 5-4A (Part Level Submission) 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 companys fiscal year on November 30, 2017, these accounts appeared in its adjusted trial balance. Accounts Payable $ 34,840 Accounts Receivable 22,360 Accumulated DepreciationEquipment 88,400 Cash 10,400 Common Stock 45,500 Cost of Goods Sold 798,590 Freight-Out 8,060 Equipment 204,100 Depreciation Expense 17,550 Dividends 15,600 Gain on Disposal of Plant Assets 2,600 Income Tax Expense 13,000 Insurance Expense 11,700 Interest Expense 6,500 Inventory 34,060 Notes Payable 56,550 Prepaid Insurance 7,800 Advertising Expense 43,550 Rent Expense 44,200 Retained Earnings 18,460 Salaries and Wages Expense 152,100 Sales Revenue 1,175,200 Salaries and Wages Payable 7,800 Sales Returns and Allowances 26,000 Utilities Expense 13,780 Additional data: Notes payable are due in 2021. (a1) Prepare a multiple-step income statement. (List other revenues before other expenses.) WOLFORD DEPARTMENT STORE Income Statement $ : $ $ Click if you would like to Show Work for this question: Open Show Work Show List of Accounts Link to Text Link to Text Attempts: 0 of 3 used Save for later Submit Answer (a2) The parts of this question must be completed in order. This part will be available when you complete the part above. (a3) The parts of this question must be completed in order. This part will be available when you complete the part above.

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