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. Accounts Payable   $ 34,304 Accounts Receivable   22,016 Accumulated Depreciation—Equipment   87,040 Cash   10,240 Common Stock   44,800 Cost of Goods Sold   786,304 Freight-Out   7,936 Equipment   200,960 Depreciation Expense   17,280 Dividends   15,360 Gain on Disposal of Plant Assets   2,560 Income Tax Expense   12,800 Insurance Expense   11,520 Interest Expense   6,400 Inventory   33,536 Notes Payable   55,680 Prepaid Insurance   7,680 Advertising Expense   42,880 Rent Expense   43,520 Retained Earnings   18,176 Salaries and Wages Expense   149,760 Sales Revenue   1,157,120 Salaries and Wages Payable   7,680 Sales Returns and Allowances   25,600 Utilities Expense   13,568 Additional data: Notes payable are due in 2021.

Compare Two Methods of Accounting for Uncollectible Receivables Call Systems Company, a telephone service and supply company, has just completed its fourth year of operations. The direct write-off method of recording bad debt expense has been used during the entire period. Because of substantial increases in sales volume and the amount of uncollectible accounts, the company is considering changing to the allowance method. Information is requested as to the effect that an annual provision of 2% of sales would have had on the amount of bad debt expense reported for each of the past four years. It is also considered desirable to know what the balance of Allowance for Doubtful Accounts would have been at the end of each year. The following data have been obtained from the accounts: Year of Origin of Accounts Receivable Written Off as Uncollectible Uncollectible Accounts Year Sales 1st 2nd 3rd 4th Written Off 1st $1,200,000 $1,100 $1,100 2nd 1,720,000 2,900 1,350 $1,550 3rd 2,690,000 11,700…

Required information [The following information applies to the questions displayed below.] Web Wizard, Inc., has provided information technology services for several years. For the first two months of the current year, the company has used the percentage of credit sales method to estimate bad debts. At the end of the first quarter, the company switched to the aging of accounts receivable method. The company entered into the following partial list of transactions during the first quarter. a. During January, the company provided services for $44,000 on credit. b. On January 31, the company estimated bad debts using 1 percent of credit sales. c. On February 4, the company collected $22,000 of accounts receivable. d. On February 15, the company wrote off a $150 account receivable. e. During February, the company provided services for $34,000 on credit. f. On February 28, the company estimated bad debts using 1 percent of credit sales. g. On March 1, the company loaned $2,200 to an…

2. XYM Store recorded the following information for the first quarter of its operations for 2008: Cash, 55,000.00: Merchandise Inventory, 148,500.00; building, 300,000.00; furniture, 38,000,00; equipment, 60,000.00; depreciation, 20,500.00; and accounts receivable, 25,700.00. Determine the store's: a) Current Assets b) Non-current Assets c) Total Assets

A flood destroyed Toshiaki Company's warehouse and all of its inventory. Toshiaki will use the gross profit method to determine its inventory in the warehouse at the time. Toshiaki's management believes that the average of the last two years' gross profit percentage is a good estimate of the gross profit in the current year. Sales last year were $7,700 and $6,100 in the year before. Its cost of goods sold was $4,466 last year and $3,782 the year before. Toshiaki's prior-year balance sheet reported inventory of $450. Before the flood, net sales were $5,200. Toshiaki purchased $3,900 of inventory. Read the requirements. Requirement a. Use the gross profit method to determine Toshiaki's historical gross profit percentage. Identify the appropriate formula and then calculate Toshiaki's historical gross profit percentage for each year. (Round the gross profit percentage to one decimal place, X.X%.) Gross profit % Two Year's Prior % Prior Year % Requirements Round percentages to one decimal…

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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…