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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 .............................................. $ 26,800 Accounts Receivable .......................................... 17,200 Accumulated Depreciation-Equipment ................... 68,000 Cash ............................................................. 8,000 Common Stock ................................................ 35,000 Cost of Goods Sold ........................................... 614,300 Freight-Out ..................................................... 6,200 Equipment ...................................................... 157,000 Depreciation Expense ......................................... 13,500 Dividends ...................................................... 12,000 Gain on Disposal of Plant Assets ........................... 2,000 Income Tax Expense .......................................... 10,000 Insurance Expense ............................................. 9,000 Interest Expense ................................................ 5,000 Inventory ........................................................ 26,200 Notes Payable ..........................
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