Question

Exercise 3-18 a-c (Part Level Submission) The adjusted trial balance for Pharoah Company is given below. Pharoah Company Trial Balance August 31, 2020 Before Adjustment Cr. After Adjustment Dr. Cr. Dr. $10,200 8,900 2,300 3,800 13,500 $10,200 9,900 600 2,700 13,500 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Common Stock Retained Earnings Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense $ 3,700 5,800 0 1,400 11,200 3,600 33,900 11,100 $ 4,500 5,800 1,400 800 11,200 3,600 34,900 11,700 16,800 0 15,200 18,200 1,700 15,200 1,100 800 $73,900 0 0 $70,700 $70,700 $73,900

Answer 1

Solution 8 Pharoah Company Tucome Statement for the Year Ended August 31, 2020 Revenues: Service Revenue $34,900 Rent Revenue $11,700 Total Revenue $46,600 Less: Expenses Salaries and belages Expense $18,200 Supplies Expense $ 1700 Rent Expense $ 15,200 Insurance Expense $ 1,100 Depreciation Expense $ 800 Total Expenses $37,000 Net Income $9,600