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

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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 Adjusted
Accounts Payable $25,200 $25,200 Inventory $29,000 $29,000
Accounts Receivable 30,500 30,500 Notes payable 37,000 37,000
Accumulated Depr.—Equipment 34,000 45,000 Prepaid Insurance 10,500 3,500
Cash 26,000 26,000 Property Tax Expense 2,500
Common Stock 40,000 40,000 Property Taxes Payable 2,500
Cost of Goods Sold 507,000 507,000 Rent Expense 15,000 15,000
Dividends 10,000 10,000 Retained Earnings 61,700 61,700
Freight-Out 6,500 6,500 Salaries and Wages Expense 96,000 96,000
Equipment 146,000 146,000 Sales Commissions Expense 6,500 11,000
Depreciation Expense 11,000 Sales Commissions Payable 4,500
Insurance Expense 7,000 Sales Returns and Allowances 8,000 8,000
Interest Expense 6,400 6,400 Sales Revenue 700,000 700,000
Interest Revenue 8,000 8,000 Utilities Expense 8,500 8,500

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(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 Store
Income Statement
Entry field with correct answerFor the Year Ended November 30, 2019For the Month Ended November 30, 2019November 30, 2019
Entry 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
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Entry 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 answer
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Entry 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 answer
Entry 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
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Entry 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 answer
Entry 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 answer
Entry 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 answer Entry field with incorrect answer
Entry 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 answer Entry field with incorrect answer Entry field with incorrect answer
Entry 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 answer
SHOW LIST OF ACCOUNTSSHOW SOLUTIONSHOW ANSWER
LINK TO TEXTLINK TO TEXT
Attempts: 5 of 5 used

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(a2)

Partially correct answer. Your answer is partially correct. Try again.
Prepare a retained earnings statement. (List items that increase retained earnings first.)
Deluxe Store
Retained Earnings Statement
Entry field with correct answerFor the Year Ended November 30, 2019November 30, 2019For the Month Ended November 30, 2019
Entry field with correct answerDividendsExpensesNet Income / (Loss)Retained Earnings, December 1, 2018Retained Earnings, November 30, 2019RevenueTotal ExpensesTotal Revenues $Entry field with correct answer
Entry 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 answer
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Entry 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 answer
Entry field with correct answerDividendsExpensesNet Income / (Loss)Retained Earnings, December 1, 2018Retained Earnings, November 30, 2019RevenueTotal ExpensesTotal Revenues $Entry field with incorrect answer
SHOW LIST OF ACCOUNTSSHOW SOLUTIONSHOW ANSWER
LINK TO TEXTLINK TO TEXT
Attempts: 5 of 5 used

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(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 Store
Balance Sheet
Entry field with correct answerFor the Year Ended November 30, 2019For the Quarter Ended November 30, 2019November 30, 2019
Assets
Entry 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’ Equity
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Entry 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 data
Entry 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’ Equity
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Entry 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
Liabilities and Stockholders’ Equity
Entry 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’ Equity
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Entry 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 answer
Entry 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’ Equity
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Entry 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 answer
Entry 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’ Equity
Entry field with incorrect answer Entry field with incorrect answer
Entry field with incorrect answer Entry field with incorrect answer
Entry 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 answer
Entry 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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