You are provided with the following information for Pharoah Company, effective as of its April...
Question:
You are provided with the following information for Pharoah Company, effective as of its April 30, 2017, year-end.
| Accounts payable | $ 879 |
| Accounts receivable | 925 |
| Accumulated depreciation-equipment | 670 |
| Cash | 1,385 |
| Common stock | 1,245 |
| Cost of goods sold | 1,105 |
| Depreciation expense | 290 |
| Dividends | 370 |
| Equipment | 2,535 |
| Income tax expense | 210 |
| Income taxes payable | 180 |
| Insurance expense | 255 |
| Interest expense | 445 |
| Inventory | 1,082 |
| Land | 3,215 |
| Mortgage payable | 3,615 |
| Notes payable | 176 |
| Prepaid insurance | 105 |
| Retained earnings (beginning) | 1,600 |
| Salaries and wages expense | 655 |
| Salaries and wages payable | 267 |
| Sales revenue | 5,215 |
| Stock investments (short-term) | 1,270 |
a. Prepare an income statement for Pharoah Company for the year ended April 30, 2017.
b. Prepare a retained earnings statement for Pharoah Company for the year ended April 30, 2017.
c. Prepare a classified balance sheet for Pharoah Company as of April 30, 2017.
Income statement and the classified balance sheet::
Income statement is the summary of revenue and expenses. All revenues are credited and all expenses are debited. The difference of total revenue and total expenses is the net income for the period.
Balance sheet is a financial statement of total assets and total liabilities. It shows the financial position of the company at the end of a period.
Total Assets= Total Liabilities+Stockholders' equity
Answer and Explanation: 1
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View this answera. Income statement for Pharoah Company for the year ended April 30, 2017:
| Net sales revenue (A) | $5,215.00 | |
|---|---|---|
| Expenses | ||
| Cost of goods sold | $1,... |
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