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Presented below is information for Ivanhoe Co. for the month of January 2022. Cost of goods sold $210,700 Rent expense $33,500 Freight-out 9,200 Sales discounts 8,000 Insurance expense 14,700 Sales returns and allowances 18,400 Salaries and wages expense 63,000 Sales revenue 398,000 Income tax expense 5,400 Other comprehensive income (net of $400 tax) 2,000Prepare an income statement using the multi-step format. IVANHOE COMPANY Income Statement $ : $ $

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Answer:

                                            Ivanhoe Co.

                                     Income Statement

                          for the month of January 2022

                                                                $               $

Sales revenue                                    398,000

Less: Sales returns and allowances 18,400

Less: Sales discounts                       8,000  

Net Sales                                                           371,600

Less: Cost of goods sold                                  210,700

Gross Profit                                                        160,900

Less: Operating Expenses

Rent expense                                     33,500

Freight-out                                          9,200

Insurance expense                            14,700

Salaries and wages expense            63,000

                                                                           120,400

Operating Profit                                                40,500

Income tax expense                                          5,400  

Net Income                                                        35,100

Other comprehensive income (net of  tax)      2,000

Total Comprehensive Income                         37,100

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