CALCULATOR PRINTER VERSION BACK Problem 5-4A (Part Level Submission) Department

Question

CALCULATOR PRINTER VERSION BACK Problem 5-4A (Part Level Submission) Department Store is located in midtown Metropolis. During the past several years, net income has been declining because suburban shopping centers have been Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment $32,160 20,640 81,600 9,600 42,000 737,160 7,440 188,400 16,200 14,400 2,400 2,000 10,800 6,000 31,440 52,200 7,200 40,200 40,800 17,040 140,400 1,084,800 7,200 24,000 12,720 Cash Common Stock Cost of Goods Sold Freight-Out Equipment Depreciation Expense Dividends Gain on Disposal of Piant Assets Income Tax Expense Insurance Expense Interest Expense Inventory Notes Payable Prepaid Insurance Advertising Expense Rent Expense Retained Earnings Salaries and Wages Expense Sales Revenue Salaries and Wages Payable Sales Returns and Allowances Utilities Expense

Explanation / Answer

Wolford department store

Paarticulars Amount($) Amount($) Sales $1084800 sales returns and allowances ($24000) Net sales $1060800 Cost of goods sold ($737160) Gross profit $323640 Operating expenses: Salaries and wages expense $140400 Freight out $7440 Depreciation $16200 Insurance $10800 Advertisement expense $40200 Rent expense $40800 Utilities expense $12720 Total operating expenses ($268560) Revenue: Gain on disposal of plant assets $2400 Operating income $57480 Interest expenses ($6000) Earnings before tax $51480 Income tax ($12000) Net income $39480.

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