The following selected information is for Pharoah Company for the year ended January 31, 2017:...
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Accounting
The following selected information is for Pharoah Company for the year ended January 31, 2017:
Freight in
$6,500
Purchase discounts
$12,000
Freight out
7,500
Purchase returns and allowances
16,300
Insurance expense
12,000
Rent expense
20,100
Interest expense
6,000
Salaries expense
60,800
Merchandise inventory, beginning
61,400
Salaries payable
2,500
Merchandise inventory, ending
42,000
Sales
325,000
O. G. Pogo, capital
105,000
Sales discounts
14,000
O. G. Pogo, drawings
42,100
Sales returns and allowances
20,500
Purchases
211,000
Unearned sales revenue
4,500
Prepare a multiple-step income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
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