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Presented below is information for Pharoah Company for the month of January 2017.

Cost of goods sold $204,700 Rent expense $34,200
Freight-out 9,600 Sales discounts 8,200
Insurance expense 13,400 Sales returns and allowances 19,300
Salaries and wages expense 63,300 Sales revenue 396,000
Income tax expense 5,400 Other comprehensive income (net of $400 tax) 2,000

Required:
Prepare an income statement using the multi-step format.

Respuesta :

jepessoa

Answer:

Pharaoh Company

Income Statement

For the month ended January 31, 2017

Sales                                                                         $390,000

  • Sales discounts                          ($8,200)
  • Sales returns and allowances ($19,300)       ($27,500)

Net sales                                                                  $362,500

Cost of goods sold                                                 ($204,700)

Gross profit                                                                $157,800

Operating expenses:

Selling expense

  • Salaries and wages expense   ($63,300)
  • Rent expense                            ($34,200 )
  • Insurance expense                    ($13,400)
  • Freight-out                                  ($9,600)     ($120,500)

Operating income                                                      $37,300

Income tax expense                                                   (5,400)

Net operating income                                                $31,900

Other comprehensive income (net of $400 tax)     $2,000

Net income                                                                $33,900

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