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		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

Answer 1