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 $ 34,304accounts receivable 22,016accumulated depreciation? equipment 87,040cash 10,240common stock 44,800cost of goods sold 786,304freight-out 7,936equipment 200,960depreciation expense 17,280dividends 15,360gain on disposal of plant assets 2,560income tax expense 12,800insurance expense 11,520interest expense 6,400inventoryv 33,536notes payable 55,680prepaid insurance 7,680advertising expense 42,880rent expense 43,520retained earnings 18,176salaries and wages expense 149,760sales revenue 1,157,120salaries and wages payable 7,680sales returns and allowances 25,600utilities expense 13,568additional data: notes payable are due in 2021.prepare a multiple-step income statement.

2017        Income Statement

$ 1.157.120Sales

-$ 25.600Sales returns and allowances

$ 1.131.520Net Sales Revenues

-$ 17.280Depreciations

-$ 786.321Cost of goods sold

$ 327.919Gross PROFIT

-$ 42.880Advertising expense

-$ 13.568Utilities Expenses

-$ 149.760Salaries and Wages Expenses

-$ 43.520Rent expenses

-$ 7.936  Delivery Expenses

-$ 257.664Operating EXPENSES

$ 70.255  Operating INCOME

$ 2.560    Other Incomes

-$ 6.400  Interest Expenses

-$ 11.520  Insurance Expenses

-$ 15.360NonOperating EXPENSES

$ 54.895  NET INCOME AFTER TAXES

-$ 12.800Income Tax Expenses

$ 42.095Net INCOME

Explanation:

In the multistep income it's possible to segregate the operative expenses and  revenues of the non operative, it also shows the gross profit, which is  

the Net Sales Revenues less the Costo of Goods Sold.  

First it's shown the Gross Profit, then substracted the operating expenses  

to arrive at operating income.

Finally with the non operating movements we have the net Income After Taxes  and the with the taxes expenses we have the Net Income of the company.

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