Problem 5-4A (Part Level Submission) Wolford Department Store islocated in midtown Metropolis. During the past several years, netincome has been declining because suburban shopping centers havebeen attracting business away from city areas. At the end of thecompany’s fiscal year on November 30, 2017, these accounts appearedin its adjusted trial balance. Accounts Payable $ 38,056 AccountsReceivable 24,424 Accumulated Depreciation—Equipment 96,560 Cash11,360 Common Stock 49,700 Cost of Goods Sold 872,306 Freight-Out8,804 Equipment 222,940 Depreciation Expense 19,170 Dividends17,040 Gain on Disposal of Plant Assets 2,840 Income Tax Expense14,200 Insurance Expense 12,780 Interest Expense 7,100 Inventory37,204 Notes Payable 61,770 Prepaid Insurance 8,520 AdvertisingExpense 47,570 Rent Expense 48,280 Retained Earnings 20,164Salaries and Wages Expense 166,140 Sales Revenue 1,283,680 Salariesand Wages Payable 8,520 Sales Returns and Allowances 28,400Utilities Expense 15,052 Additional data: Notes payable are due in2021. Collapse question part (a1) Correct answer. Your answer iscorrect. Prepare a multiple-step income statement. (List otherrevenues before other expenses.) WOLFORD DEPARTMENT STORE IncomeStatement Entry field with correct answer Entry field with correctanswer Entry field with correct answer Sales Revenue $Entry fieldwith correct answer 1,283,680 Entry field with correct answer:Entry field with correct answer Sales Returns and Allowances Entryfield with correct answer 28,400 Entry field with correct answerEntry field with correct answer 1,255,280 Entry field with correctanswer Cost of Goods Sold Entry field with correct answer 872,306Entry field with correct answer Entry field with correct answer382,974 Entry field with correct answer Entry field with correctanswer Advertising Expense $Entry field with correct answer 47,570Entry field with correct answer Freight-Out Entry field withcorrect answer 8,804 Entry field with correct answer DepreciationExpense Entry field with correct answer 19,170 Entry field withcorrect answer Utilities Expense Entry field with correct answer15,052 Entry field with correct answer Salaries and Wages ExpenseEntry field with correct answer 166,140 Entry field with correctanswer Rent Expense Entry field with correct answer 48,280 Entryfield with correct answer Insurance Expense Entry field withcorrect answer 12,780 Entry field with correct answer Entry fieldwith correct answer 317796 Entry field with correct answer Entryfield with correct answer 65178 Entry field with correct answerEntry field with correct answer Gain on Disposal of Plant AssetsEntry field with correct answer 2,840 Entry field with correctanswer Entry field with correct answer Interest Expense Entry fieldwith correct answer 7,100 Entry field with correct answer Entryfield with correct answer 60,918 Entry field with correct answerIncome Tax Expense Entry field with correct answer 14,200 Entryfield with correct answer $Entry field with correct answer 46,718Click if you would like to Show Work for this question: Open ShowWork SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT LINK TO TEXTAttempts: 1 of 3 used Collapse question part (a2) Prepare aretained earnings statement. (List items that increase retainedearnings first.) WOLFORD DEPARTMENT STORE Retained EarningsStatement $ : : $