Problem 5-3A (Part Level Submission) The Deluxe Store

Problem 5-3A (Part Level Submission)The Deluxe Store is located in midtown Madison. During the past several years, net income has been declining because of suburban…

Problem 5-3A (Part Level Submission)The Deluxe Store is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company’s fiscal year on November 30, 2019, the following accounts appeared in two of its trial balances.Unadjusted Adjusted Unadjusted AdjustedAccounts Payable $25,200 $25,200 Inventory $29,000 $29,000Accounts Receivable 30,500 30,500 Notes payable 37,000 37,000Accumulated Depr.—Equipment 34,000 45,000 Prepaid Insurance 10,500 3,500Cash 26,000 26,000 Property Tax Expense 2,500Common Stock 40,000 40,000 Property Taxes Payable 2,500Cost of Goods Sold 507,000 507,000 Rent Expense 15,000 15,000Dividends 10,000 10,000 Retained Earnings 61,700 61,700Freight-Out 6,500 6,500 Salaries and Wages Expense 96,000 96,000Equipment 146,000 146,000 Sales Commissions Expense 6,500 11,000Depreciation Expense 11,000 Sales Commissions Payable 4,500Insurance Expense 7,000 Sales Returns and Allowances 8,000 8,000Interest Expense 6,400 6,400 Sales Revenue 700,000 700,000Interest Revenue 8,000 8,000 Utilities Expense 8,500 8,500
Collapse question part(a1)
Partially correct answer. Your answer is partially correct. Try again.Prepare a multiple-step income statement. (List other revenues before other expenses. If there is a net loss then enter the amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)Deluxe StoreIncome StatementEntry field with correct answerFor the Year Ended November 30, 2019For the Month Ended November 30, 2019November 30, 2019Entry field with correct answerDividendsNet Income / (Loss)Retained Earnings, December 1, 2018Retained Earnings, November 30, 2019SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome from OperationsOther Revenues and GainsOther Expenses and LossesEntry field with correct answer $Entry field with incorrect answerEntry field with correct answer Add Less: Entry field with correct answer Entry field with incorrect answerEntry field with correct answer Dividends Net Income / (Loss) Retained Earnings, December 1, 2018 Retained Earnings, November 30, 2019 Sales Total Revenues Net Sales Gross Profit Operating Expenses Total Operating Expenses Income from Operations Other Revenues and Gains Other Expenses and Losses Entry field with incorrect answerEntry field with correct answer Entry field with incorrect answerEntry field with correct answerDividendsNet Income / (Loss)Retained Earnings, December 1, 2018Retained Earnings, November 30, 2019SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome from OperationsOther Revenues and GainsOther Expenses and Losses Entry field with incorrect answerEntry field with correct answerDividendsNet Income / (Loss)Retained Earnings, December 1, 2018Retained Earnings, November 30, 2019SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome from OperationsOther Revenues and GainsOther Expenses and LossesEntry field with correct answer $Entry field with incorrect answerEntry field with correct answer Entry field with incorrect answerEntry field with correct answer Entry field with incorrect answerEntry field with correct answer Entry field with incorrect answerEntry field with correct answer Entry field with incorrect answerEntry field with correct answer Entry field with correct answerEntry field with correct answer Entry field with correct answerEntry field with incorrect answer Entry field with incorrect answerEntry field with incorrect answer Dividends Net Income / (Loss) Retained Earnings, December 1, 2018 Retained Earnings, November 30, 2019 Sales Total Revenues Net Sales Gross Profit Operating Expenses Total Operating Expenses Income from Operations Other Revenues and Gains Other Expenses and Losses Entry field with incorrect answerEntry field with incorrect answerDividendsNet Income / (Loss)Retained Earnings, December 1, 2018Retained Earnings, November 30, 2019SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome from OperationsOther Revenues and GainsOther Expenses and Losses Entry field with incorrect answerEntry field with incorrect answerDividendsNet Income / (Loss)Retained Earnings, December 1, 2018Retained Earnings, November 30, 2019SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome from OperationsOther Revenues and GainsOther Expenses and LossesEntry field with incorrect answer Entry field with incorrect answerEntry field with correct answerDividendsNet Income / (Loss)Retained Earnings, December 1, 2018Retained Earnings, November 30, 2019SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome from OperationsOther Revenues and GainsOther Expenses and LossesEntry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answerEntry field with incorrect answerDividendsNet Income / (Loss)Retained Earnings, December 1, 2018Retained Earnings, November 30, 2019SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome from OperationsOther Revenues and GainsOther Expenses and Losses $Entry field with incorrect answerSHOW LIST OF ACCOUNTSSHOW SOLUTIONSHOW ANSWERLINK TO TEXTLINK TO TEXTAttempts: 5 of 5 used
Collapse question part(a2)
Partially correct answer. Your answer is partially correct. Try again.Prepare a retained earnings statement. (List items that increase retained earnings first.)Deluxe StoreRetained Earnings StatementEntry field with correct answerFor the Year Ended November 30, 2019November 30, 2019For the Month Ended November 30, 2019Entry field with correct answerDividendsExpensesNet Income / (Loss)Retained Earnings, December 1, 2018Retained Earnings, November 30, 2019RevenueTotal ExpensesTotal Revenues $Entry field with correct answerEntry field with correct answerAddLess:Entry field with correct answerDividendsExpensesNet Income / (Loss)Retained Earnings, December 1, 2018Retained Earnings, November 30, 2019RevenueTotal ExpensesTotal Revenues Entry field with incorrect answerEntry field with incorrect answerEntry field with correct answerAddLess:Entry field with correct answerDividendsExpensesNet Income / (Loss)Retained Earnings, December 1, 2018Retained Earnings, November 30, 2019RevenueTotal ExpensesTotal Revenues Entry field with correct answerEntry field with correct answerDividendsExpensesNet Income / (Loss)Retained Earnings, December 1, 2018Retained Earnings, November 30, 2019RevenueTotal ExpensesTotal Revenues $Entry field with incorrect answerSHOW LIST OF ACCOUNTSSHOW SOLUTIONSHOW ANSWERLINK TO TEXTLINK TO TEXTAttempts: 5 of 5 used
Collapse question part(a3)
Partially correct answer. Your answer is partially correct. Try again.Prepare a balance sheet. Notes payable are due in 2022. (List Current Assets in order of liquidity.)Deluxe StoreBalance SheetEntry field with correct answerFor the Year Ended November 30, 2019For the Quarter Ended November 30, 2019November 30, 2019AssetsEntry field with correct answerCurrent AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders’ EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders’ EquityStockholders’ EquityEntry field with correct answer $Entry field with correct answerEntry field with correct answer Entry field with correct answerEntry field with correct answer Entry field with correct answerEntry field with correct answer Entry field with incorrect answerEntry field with correct answer Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders’ Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders’ Equity Stockholders’ Equity $Entry field with incorrect answer now contains modified dataEntry field with correct answerCurrent AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders’ EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders’ EquityStockholders’ EquityEntry field with correct answer Entry field with correct answerEntry field with correct answer Add Less: Entry field with correct answer Entry field with incorrect answer Entry field with incorrect answerEntry field with correct answer Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders’ Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders’ Equity Stockholders’ Equity $Entry field with incorrect answerLiabilities and Stockholders’ EquityEntry field with incorrect answerCurrent AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders’ EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders’ EquityStockholders’ EquityEntry field with incorrect answer $Entry field with incorrect answerEntry field with incorrect answer Entry field with incorrect answerEntry field with incorrect answer Entry field with incorrect answerEntry field with incorrect answer Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders’ Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders’ Equity Stockholders’ Equity $Entry field with incorrect answerEntry field with incorrect answerCurrent AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders’ EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders’ EquityStockholders’ EquityEntry field with incorrect answer Entry field with incorrect answerEntry field with incorrect answer Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders’ Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders’ Equity Stockholders’ Equity Entry field with incorrect answerEntry field with incorrect answerCurrent AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders’ EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders’ EquityStockholders’ EquityEntry field with incorrect answer Entry field with incorrect answerEntry field with incorrect answer Entry field with incorrect answerEntry field with incorrect answer Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders’ Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders’ Equity Stockholders’ Equity Entry field with incorrect answerEntry field with incorrect answer Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders’ Equity Stockholders’ Equity Total Liabilities and Stockholders’ Equity

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