Grouper Department Store is located in midtown Metropolis. During the past several years, net income has...
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Grouper 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, 2022, its accounting records included the following accounts and adjusted balances. Accounts Payable $ 25,728 Accounts Receivable 16.512 Accumulated Depreciation-Equipment 65.280 Advertising Expense 32.160 Cash 7,680 Common Stock 33,600 Cost of Goods Sold 589,728 Freight-Out 5,952 Equipment 150,720 Depreciation Expense 12,960 Dividends 11,520 Gain on Disposal of Plant Assets 1,920 Income Tax Expense 9,600 Insurance Expense 8,640 Interest Expense 4,800 Inventory 25,152 Notes Payable 41,760 Prepaid Insurance 5,760 Rent Expense 32,640 Retained Earnings 13,632 Salaries and Wages Expense 112,320 Salaries and Wages Payable 5,760 Sales Returns and Allowances 19,200 Sales Revenue 867,840 Utilities Expense 10,176 Additional data: Notes payable are due in 2026. Prepare a multiple-step income statement. (List other revenues before other expenses. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) GROUPER DEPARTMENT STORE Income Statement $ $ $ > > Dividends Net Income / (Loss) Retained Earnings, December 1, 2011 Retained Earnings, November 30, 2012 Sales Total Revenues Net Sales Gross Profit Operating Expenses Total Operating Expenses Income From Operations Other Revenues and Gains Other Expenses and Losses Income Before Income Taxes Grouper 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, 2022, its accounting records included the following accounts and adjusted balances. Accounts Payable $ 25,728 Accounts Receivable 16.512 Accumulated Depreciation-Equipment 65.280 Advertising Expense 32.160 Cash 7,680 Common Stock 33,600 Cost of Goods Sold 589,728 Freight-Out 5,952 Equipment 150,720 Depreciation Expense 12,960 Dividends 11,520 Gain on Disposal of Plant Assets 1,920 Income Tax Expense 9,600 Insurance Expense 8,640 Interest Expense 4,800 Inventory 25,152 Notes Payable 41,760 Prepaid Insurance 5,760 Rent Expense 32,640 Retained Earnings 13,632 Salaries and Wages Expense 112,320 Salaries and Wages Payable 5,760 Sales Returns and Allowances 19,200 Sales Revenue 867,840 Utilities Expense 10,176 Additional data: Notes payable are due in 2026. Prepare a multiple-step income statement. (List other revenues before other expenses. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) GROUPER DEPARTMENT STORE Income Statement $ $ $ > > Dividends Net Income / (Loss) Retained Earnings, December 1, 2011 Retained Earnings, November 30, 2012 Sales Total Revenues Net Sales Gross Profit Operating Expenses Total Operating Expenses Income From Operations Other Revenues and Gains Other Expenses and Losses Income Before Income Taxes
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Related Book For
Financial and managerial accounting
ISBN: 978-1118016114
1st edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
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