Question

The following list of accounts, in alphabetical order, is for Pharoah Inc. at November 30, 2018: $26,500 Accounts payable 20,000 Accounts receivable Bank loan payable 34,000 Buildings 100,000 Cash 20,700 Common shares 21,700 Equipment 30,000 Income tax payable 4,300 Land 43,200 Inventory 18,000 Mortgage payable 95,000 Retained earnings 51,000 Supplies 600

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Answer 1

1. Statement of Financial Position:

$ $ $ $ $ $ $ $ 20,700 20,000 18,000 600 30,000 100,000 43,200 232,500 Pharoah Inc Statement of financial Position for the year ended November 30, 2018 Assets Cash Accounts Receivable Inventory Supplies Equipment Buildings Land Total Assets Liabilities & Shareholder's Equity Liabilities Accounts Payable Bank Loan Payable Mortgage Payable Income Tax Payable Total Liabilities Equity: Common shares Retained Earnings Total Equity Total Liabilities & Equity $ $ $ $ $ 26,500 34,000 95,000 4,300 159,800 $ $ $ $ 21,700 51,000 72,700 232,500

2. Account titles and statement in which the same is applicable:

Typical accounts Sales Cash Cash Provided by operating activities Service Revenue Common Shares Dividend Declared Statement in which applicable Income Statement Statement of financial Position Statement of Cash flows Statement of Cash flows Income Statement Statement of financial Position Statement of Changes in Equity Statement of Changes in Equity Income Statement Statement of Changes in Equity Statement of financial Position Statement of financial Position Income Statement Income Statement Statement of Cash flows Statement of financial Position Statement of financial Position Statement of Changes in Equity Net Income Accounts Receivable Inventory Income Tax Expense Interest Expense Cash used by Investing activities Equipment Retained Earnings

3. Statements - True / False:

Sl.No. Statement Proprietorship Partnership Public Corporation Private Corporation 1 No Personal Liability FALSE FALSE TRUE TRUE 2 Owner(s) pay(s) personal income tax on company income | TRUE TRUE FALSE FALSE 3 Generally easiest form of organisastion to raise capital FALSE TRUE TRUE TRUE 4 Ownership indicated by shares FALSE FALSE TRUE TRUE 5 Required to issue quarterly financial statements FALSE FALSE TRUE FALSE 6 Owned by one person TRUE FALSE FALSE FALSE 7 Limited Life TRUE TRUE FALSE FALSE 8 Usually easiest form of organisation to set up TRUE FALSE FALSE FALSE 9 Required to use IFRS as its accounting standards FALSE FALSE TRUE TRUE 10 Shares are closely held TRUE TRUE FALSE TRUE