An alphabetical list of Ivanhoes Company adjusted accounts at its fiscal year end, August 31, 2021, follows. All accounts have normal balances.

Accounts payable		$15,600		Notes payable		$42,000
Accumulated depreciationequipment		14,000		Prepaid insurance		575
Accumulated depreciationfurniture		17,500		R. Smistad, capital		65,750
Cash		29,650		R. Smistad, drawings		71,000
Cost of goods sold		272,000		Rent expense		24,800
Depreciation expense		7,020		Salaries expense		51,000
Equipment		35,000		Salaries payable		2,250
Furniture		42,000		Sales		473,000
Insurance expense		3,575		Sales returns and allowances		16,300
Interest expense		2,130		Supplies		950
Interest payable		575		Supplies expense		6,325
Merchandise inventory		70,950		Unearned revenue		2,600

Additional information: 1. Of the notes payable, $6,100 becomes due on February 17, 2022. The balance is due in 2023. 2. On July 18, 2021, R. Smistad invested $4,500 cash in the business.

Prepare a multiple-step income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

IVANHOE COMPANY Income Statement choose the accounting period August 31, 2021For the Year Ended August 31, 2021For the Month Ended August 31, 2021
select an income statement item Cost of Goods SoldDepreciation ExpenseInsurance ExpenseInterest ExpenseRent ExpenseSalesSales Returns and AllowancesSalaries ExpenseSupplies Expense				$enter a dollar amount
select between addition and deduction AddLess: select an income statement item Cost of Goods SoldDepreciation ExpenseInsurance ExpenseInterest ExpenseRent ExpenseSalesSales Returns and AllowancesSalaries ExpenseSupplies Expense				enter a dollar amount
select a closing name for section one DrawingsGross Profit / (Loss)Net SalesProfit / (Loss)Operating ExpensesOther ExpensesOther RevenuesProfit from OperationsTotal Operating ExpensesTotal Other Expenses				enter a total amount for section one
select an income statement item Cost of Goods SoldDepreciation ExpenseInsurance ExpenseInterest ExpenseRent ExpenseSalesSales Returns and AllowancesSalaries ExpenseSupplies Expense				enter a dollar amount
select a summarizing line for the first part DrawingsGross Profit / (Loss)Net SalesProfit / (Loss)Operating ExpensesOther ExpensesOther RevenuesProfit from OperationsTotal Operating ExpensesTotal Other Expenses				enter a total amount for the first part
select an opening name for section two DrawingsGross Profit / (Loss)Net SalesProfit / (Loss)Operating ExpensesOther ExpensesOther RevenuesProfit from OperationsTotal Operating ExpensesTotal Other Expenses
select an income statement item Cost of Goods SoldDepreciation ExpenseInsurance ExpenseInterest ExpenseRent ExpenseSalesSales Returns and AllowancesSalaries ExpenseSupplies Expense		$enter a dollar amount
select an income statement item Cost of Goods SoldDepreciation ExpenseInsurance ExpenseInterest ExpenseRent ExpenseSalesSales Returns and AllowancesSalaries ExpenseSupplies Expense		enter a dollar amount
select an income statement item Cost of Goods SoldDepreciation ExpenseInsurance ExpenseInterest ExpenseRent ExpenseSalesSales Returns and AllowancesSalaries ExpenseSupplies Expense		enter a dollar amount
select an income statement item Cost of Goods SoldDepreciation ExpenseInsurance ExpenseInterest ExpenseRent ExpenseSalesSales Returns and AllowancesSalaries ExpenseSupplies Expense		enter a dollar amount
select an income statement item Cost of Goods SoldDepreciation ExpenseInsurance ExpenseInterest ExpenseRent ExpenseSalesSales Returns and AllowancesSalaries ExpenseSupplies Expense		enter a dollar amount
select a closing name for section two DrawingsGross Profit / (Loss)Net SalesProfit / (Loss)Operating ExpensesOther ExpensesOther RevenuesProfit from OperationsTotal Operating ExpensesTotal Other Expenses				enter a total amount for section two
select a summarizing line for the second part DrawingsGross Profit / (Loss)Net SalesProfit / (Loss)Operating ExpensesOther ExpensesOther RevenuesProfit from OperationsTotal Operating ExpensesTotal Other Expenses				enter a total amount for the second part
select an opening name for section three DrawingsGross Profit / (Loss)Net SalesProfit / (Loss)Operating ExpensesOther ExpensesOther RevenuesProfit from OperationsTotal Operating ExpensesTotal Other Expenses
select an income statement item Cost of Goods SoldDepreciation ExpenseInsurance ExpenseInterest ExpenseRent ExpenseSalesSales Returns and AllowancesSalaries ExpenseSupplies Expense				enter a dollar amount
select a closing name for this statement DrawingsGross Profit / (Loss)Net SalesProfit / (Loss)Operating ExpensesOther ExpensesOther RevenuesProfit from OperationsTotal Operating ExpensesTotal Other Expenses				$enter a total profit or loss amount

eTextbook and Media

Prepare a statement of owners equity.