Need Help with this income statement please.

Accounting Cycle Review 7-01 a1-f2 (Part Level Submission) Pharoah Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and th subsidiary ledger for Pharoah indicated in the working papers. Presented below are a series of transactions for Pharoah Co. for the month of January. Credit sales terms are 2/10, n/30. The cost of all merchandise sold was 60% sales price. GENERAL LEDGER January 1 Account Account Title 101 112 Accounts Receivable 115 Notes Receivable 120 Inventory 126 Supplies 130 Prepaid Insurance 157 Equipment 158 Cash $38,250 12,300 42,000 15,500 1,500 2,000 8,700 1,600 37,000 81,650 Accumulated Depreciation -Equip. 201 Accounts Payable 301 Owner's Capital Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) January 1 Opening Balance R. Beltre B. Santos S. Mahay $1,600 7,300 3,400 Schedule of Accounts Payable m accounts payable subsidiary ledger) January 1 Opening Balance S. Meek $9,000 17,000 11,000 R. Moses D. Saito Jan. 3 5 7 8 9 9 10 11 12 Sell merchandise on account to B. Corpas $3,400, invoice no. 510, and to J. Revere 2,000, invoice no. 511 Purchase merchandise from S. Gamel $6,000 and D. Posey $2,900, terms n/30 Receive checks from S. Mahay 3,400 and B. Santos $2,000 after discount period has lapsed Pay freight on merchandise purchased $225 Send checks to S. Meek for $9,000 less 2% cash discount, and to D. Saito for 11,000 less 1% cash discount. Issue credit of 300 to J. Revere for merchandise returned Daily cash sales from January 1 to January 10 total 17,500. Make one journal entry for these sales sell merchandise on account to R. Beltre 1,600, invoice no. 512, and to s. Mahay $900, invoice no. 513 Pay rent of $1,400 for January 13 Receive payment in full from B. Corpas and J. Revere less cash discounts 15 Withdraw $800 cash by M. Pharoah for personal use 15 Post all entries to the subsidiary ledgers 16 Purchase merchandise from D. Saito $14,000, terms 1/10, n/30; S. Meek $14,600, terms 2/10, n/30; and S. Gamel $1,600, terms n/30 17 Pay $400 cash for office supplies 18 Return $300 of merchandise to S. Meek and receive credit. 20 Daily cash sales from January 11 to January 20 total $22,100. Make one journal entry for these sales 21 Issue 17,000 note, maturing in 90 days, to R. Moses in payment of balance due 21 Receive payment in full from S. Mahay less cash discount. 22 Sell merchandise on account to B. Corpas $2,900, invoice no. 514, and to R. Beltre $2,500, invoice no. 515 22 Post all entries to the subsidiary ledgers 23 Send checks to D. Saito and S. Meek in full payment less cash discounts 25 sell merchandise on account to B. Santos 3,900, invoice no. 516, and to J. Revere $6,100, invoice no. 517 27 purchase merchandise from D. Saito $15,000, terms 1/10, n/30; D. Posey 3,300, terms n/30; and S. Gamel $5,700, terms n/30 27 Post all entries to the subsidiary ledgers 28 Pay $200 cash for office supplies 31 Daily cash sales from January 21 to January 31 total $23,700. Make one journal entry for these sales 31 Pay sales salaries $4,900 and office salaries $3,800 1. Office supplies at January 31 total $1,000. 2. Insurance coverage expires on October 31, 2020 Annual depreciation on the equipment is $1,800 4. Interest of $50 has accrued on the note payable. Prepare a multiple-step income statement. PHAROAH CO Income Statement For the Month Ended January 31, 2020 Sales Accounting Cycle Review 7-01 a1-f2 (Part Level Submission) Pharoah Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and th subsidiary ledger for Pharoah indicated in the working papers. Presented below are a series of transactions for Pharoah Co. for the month of January. Credit sales terms are 2/10, n/30. The cost of all merchandise sold was 60% sales price. GENERAL LEDGER January 1 Account Account Title 101 112 Accounts Receivable 115 Notes Receivable 120 Inventory 126 Supplies 130 Prepaid Insurance 157 Equipment 158 Cash $38,250 12,300 42,000 15,500 1,500 2,000 8,700 1,600 37,000 81,650 Accumulated Depreciation -Equip. 201 Accounts Payable 301 Owner's Capital Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) January 1 Opening Balance R. Beltre B. Santos S. Mahay $1,600 7,300 3,400 Schedule of Accounts Payable m accounts payable subsidiary ledger) January 1 Opening Balance S. Meek $9,000 17,000 11,000 R. Moses D. Saito Jan. 3 5 7 8 9 9 10 11 12 Sell merchandise on account to B. Corpas $3,400, invoice no. 510, and to J. Revere 2,000, invoice no. 511 Purchase merchandise from S. Gamel $6,000 and D. Posey $2,900, terms n/30 Receive checks from S. Mahay 3,400 and B. Santos $2,000 after discount period has lapsed Pay freight on merchandise purchased $225 Send checks to S. Meek for $9,000 less 2% cash discount, and to D. Saito for 11,000 less 1% cash discount. Issue credit of 300 to J. Revere for merchandise returned Daily cash sales from January 1 to January 10 total 17,500. Make one journal entry for these sales sell merchandise on account to R. Beltre 1,600, invoice no. 512, and to s. Mahay $900, invoice no. 513 Pay rent of $1,400 for January 13 Receive payment in full from B. Corpas and J. Revere less cash discounts 15 Withdraw $800 cash by M. Pharoah for personal use 15 Post all entries to the subsidiary ledgers 16 Purchase merchandise from D. Saito $14,000, terms 1/10, n/30; S. Meek $14,600, terms 2/10, n/30; and S. Gamel $1,600, terms n/30 17 Pay $400 cash for office supplies 18 Return $300 of merchandise to S. Meek and receive credit. 20 Daily cash sales from January 11 to January 20 total $22,100. Make one journal entry for these sales 21 Issue 17,000 note, maturing in 90 days, to R. Moses in payment of balance due 21 Receive payment in full from S. Mahay less cash discount. 22 Sell merchandise on account to B. Corpas $2,900, invoice no. 514, and to R. Beltre $2,500, invoice no. 515 22 Post all entries to the subsidiary ledgers 23 Send checks to D. Saito and S. Meek in full payment less cash discounts 25 sell merchandise on account to B. Santos 3,900, invoice no. 516, and to J. Revere $6,100, invoice no. 517 27 purchase merchandise from D. Saito $15,000, terms 1/10, n/30; D. Posey 3,300, terms n/30; and S. Gamel $5,700, terms n/30 27 Post all entries to the subsidiary ledgers 28 Pay $200 cash for office supplies 31 Daily cash sales from January 21 to January 31 total $23,700. Make one journal entry for these sales 31 Pay sales salaries $4,900 and office salaries $3,800 1. Office supplies at January 31 total $1,000. 2. Insurance coverage expires on October 31, 2020 Annual depreciation on the equipment is $1,800 4. Interest of $50 has accrued on the note payable. Prepare a multiple-step income statement. PHAROAH CO Income Statement For the Month Ended January 31, 2020 Sales