Please do not give solution in image format thanku The following selected information is for Pharoah Company for the year ended January 31, 2021:Freight inFreight outInsurance expenseInterest expenseMerchandise inventory, beginningMerchandise inventory, endingO.G. Pogo, capitalO.G. Pogo, drawingsPurchases$6,5007,00012,0006,00061,50042,000105,00042,000211,000Purchase discountsPurchase returns and allowancesRent expenseSalaries expenseSalaries payableSalesSales discountsSales returns and allowancesUnearned sales revenue$12,00016,400ManRocke20,40060.9002,500323.00014,00020,4004,500Prepare a multiple-step income statement. (Enter negative amounts using either a negative sign preceding the number eg. -45 orparentheses e.g. (45).)PHAROAH COMPANYIncome StatementYear Ended January 31, 2021V Prepare a multiple-step income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 orparentheses e.g. (45).)Sales RevenuesSalesLess :Sales Returns and AllowancesSales DiscountsNet SalesCost of Goods SoldMerchandise Inventory Beginning vPHAROAH COMPANYIncome StatementYear Ended January 31, 2021hi

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Description: Please do not give solution in image format thanku The following selected information is for Pharoah Company for the year ended January 31, 2021:Freight inFreight outInsurance expenseInterest expenseMerchandise inventory, beginningMerchandise invento

Multiple income statements are prepared to segregate income and expenses into different categories.…

Business

Accounting

The following selected information is for Pharoah Company for the year ended January 31, 2021: Freight in Freight out Insurance expense Interest expense Merchandise inventory, beginning Merchandise inventory, ending O.G. Pogo, capital O.G. Pogo, drawings Purchases $6,500 7,000 12,000 6,000 61,500 42,000 105,000 42,000 211,000 Purchase discounts Purchase returns and allowances Rent expense Salaries expense Salaries payable Sales Sales discounts Sales returns and allowances Unearned sales revenue $12,000 16,400 20,400 60,900 2,500 323,000 14,000 20,400 4,500 Prepare a multiple-step income statement. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses e.g. (45).)

The following selected information is for Pharoah Company for the year ended January 31, 2021: Freight in Freight out Insurance expense Interest expense Merchandise inventory, beginning Merchandise inventory, ending O.G. Pogo, capital O.G. Pogo, drawings Purchases $6,500 7,000 12,000 6,000 61,500 42,000 105,000 42,000 211,000 Purchase discounts Purchase returns and allowances Rent expense Salaries expense Salaries payable Sales Sales discounts Sales returns and allowances Unearned sales revenue $12,000 16,400 20,400 60,900 2,500 323,000 14,000 20,400 4,500 Prepare a multiple-step income statement. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses e.g. (45).)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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