Question

The acusted trial balance for Pharoah Company is given below: PHAROAH COMPANY Trial Balance August 31, 2022 Before Adjustment Adjustment C. C. Cash Accounts Receivable Dr. $10,160 8.550 2.750 4,250 Dr. $10,160 9.130 1,740 2,830 Supe es Prepaid Insurance Equipment 16,640 16,640 Accumulated Depreciation Equipment $2,744 5160 $4,944 5.160 Accounts Payable Salaries and Wages Payable Unearned Rant Revenus 2,100 1,350 1.200 13,650 5.470 Common Stock 5.470 Retained Earnings Dividends 2870 2.670 Service Revenus 34,890 12,620 35,460 13,520 Rent Revenue Salaries and Wages Expense 16,750 18,100 1010 Supplies Expense Rent Expense 15,654 15,654 1,420 Insurance Expense Depreciation Expense 877.624 577,624 990,754 580.754

Answer 1

48.980 PHARAOH COMPANY Income statement For the year ended August 31 Reveues: Service revenue 35,460 Rent revenue 13,520 Total revenue Less: Expenses: Salaries and wages expense 18,100 Supplies expense 1,010 Rent expense 15,654 Insurance expense 1,420 Depreciation expense 1,200 Total expenses Net income 37,384 11,596 PHARAOH COMPANY Retained earnings statement For the year ended August 31 Beginning retained earnings Add: net income 5,470 11,596 17,066 -2,870 14, 196 Less: Dividends Ending retained earnings

23,860 ulated donreciation. Fruinment PHARAOH COMPANY Balance sheet As at August 31 Assets Current assets: Cash 10,160 Accounts receivable 9,130 Supplies 1,740 Prepaid insurance 2,830 Total current assets Non-current assets: Equipment 16,640 Less: Accumulated depreciation Equipment - Total assets Liabilities and stockholders' equity Liabilities: Accounts payable 5,160 Salaries and wages payable 1,350 Unearned rent revenue 1,200 Total liabilities Stockholders' equity: Common stock 13,650 Retained earnings 14,196 Total stockholders' equity Total liabilities and stockholders' equity -4 944 1 1.696 35,556 7,710 27,846 35,556