Question
Presented below is information for Pharoah Company for the month of January 2022. Cost of goods sold $218,125 Rent expense $33,000 Freight-out 7,000 Sales discounts
Presented below is information for Pharoah Company for the month of January 2022.
Cost of goods sold | $218,125 | Rent expense | $33,000 | |||
---|---|---|---|---|---|---|
Freight-out | 7,000 | Sales discounts | 8,000 | |||
Insurance expense | 12,000 | Sales returns and allowances | 20,000 | |||
Salaries and wages expense | 57,000 | Sales revenue | 377,000 | |||
Other comprehensive income | 2,100 |
(a)
Prepare a multiple-step income statement. (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).)
Pharoah Company Income Statement choose the accounting period For the Year Ended January 31, 2022January 31, 2022For the Month Ended January 31, 2022 | |||
---|---|---|---|
select an opening name for section one Total Operating ExpensesTotal RevenuesSalesGross Profit / (Loss)Net SalesNet Income / (Loss)Retained Earnings, January 31Operating ExpensesRetained Earnings, January 1Total ExpensesDividends | |||
enter an income statement item | $enter a dollar amount | ||
select between addition and deduction AddLess: | |||
enter an income statement item | $enter a dollar amount | ||
enter an income statement item | enter a dollar amount | ||
enter a subtotal of the two previous amounts | |||
select a closing name for section one Retained Earnings, January 31Gross Profit / (Loss)Net SalesNet Income / (Loss)Total Operating ExpensesDividendsSalesRetained Earnings, January 1Total ExpensesTotal RevenuesOperating Expenses | enter a total amount for section one | ||
enter an income statement item | enter a dollar amount | ||
select a summarizing line for the first part Net Income / (Loss)Retained Earnings, January 31Total ExpensesGross Profit / (Loss)Net SalesSalesOperating ExpensesTotal RevenuesDividendsTotal Operating ExpensesRetained Earnings, January 1 | enter a total amount for the first part | ||
select an opening name for section two Operating ExpensesRetained Earnings, January 31SalesGross Profit / (Loss)Total RevenuesNet Income / (Loss)Net SalesTotal ExpensesRetained Earnings, January 1DividendsTotal Operating Expenses | |||
enter an income statement item | enter a dollar amount | ||
enter an income statement item | enter a dollar amount | ||
enter an income statement item | enter a dollar amount | ||
enter an income statement item | enter a dollar amount | ||
select a closing name for section two DividendsTotal RevenuesOperating ExpensesNet SalesNet Income / (Loss)Total Operating ExpensesGross Profit / (Loss)SalesRetained Earnings, January 1Retained Earnings, January 31Total Expenses | enter a total amount for section two | ||
select a closing name for this statement Total Operating ExpensesNet SalesOperating ExpensesGross Profit / (Loss)SalesTotal RevenuesTotal ExpensesRetained Earnings, January 1Retained Earnings, January 31Net Income / (Loss)Dividends | $enter a total net income or loss amount |
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