Reference no: EM132700642

Question - The following selected information is for Ivanhoe Company for the year ended January 31, 2021:

Freight in$6,500Purchase discounts $12,000

Freight out 7,100

Purchase returns and allowances 16,000

Insurance expense 12,000

Rent expense 20,100

Interest expense 6,000

Salaries expense 61,000

Merchandise inventory, beginning 61,400

Salaries payable 2,500

Merchandise inventory, ending 42,000

Sales 320,000

O. G. Pogo, capital 105,000

Sales discounts 14,000

O. G. Pogo, drawings 42,400

Sales returns and allowances 20,500

Purchases 211,000

Unearned sales revenue 4,500

Required - Prepare a multiple-step income statement.