Question

You are provided with the following information for Pharoah Company, effective as of its April 30, 2022, year-end. Accounts payable Accounts receivable Accumulated depreciation equipment $ 866 880 730 Cash 1,300 16,600 1,020 330 350 2,540 2,000 185 135 320 470 Common stock Cost of goods sold Depreciation expense Dividends Equipment Goodwill Income tax expense Income taxes payable Insurance expense Interest expense Inventory Investment in land Land Mortgage payable (long-term) Notes payable (short-term) Prepaid insurance Retained earnings (beginning) Salaries and wages expense Salaries and wages payable Sales revenue Stock investments (short-term) 960 15,130 3.200 3,700 69 70 1,800 650 205 6,500 1.200 Prepare an income statement for Pharoah Company for the year ended April 30, 2022. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).)
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Answer 1

PHAROAH COMPANY
Income Statement
For the Year Ended April 30, 2022
Revenue
Sales Revenue		6,500
Expenses
Cost of Goods Sold	1,020
Depreciation Expense	330
Salaries and Wages Expense	650
Insurance Expense	320
Interest Expense	470
Income Tax Expense	185
Total Expenses		2,975
Net Income		3,525
PHAROAH COMPANY
Retained Earnings Statement
For the Year Ended April 30, 2022
Retained Earnings, (beginning)		1,800
Add: Net Income		3,525
		5,325
Less: Dividend		350
Retained Earnings, (ending)		4,975
PHAROAH COMPANY
Balance Sheet
As of April 30, 2022
Assets
Current Assets
Cash		1,300
Accounts Receivable		880
Inventory		960
Prepaid Insurance		70
Stock Investments		1,200
Total Current Assets			4,410
Investment
Investment in Land			15,130
Property, Plant, and Equipment
Land		3,200
Equipment	2,540
Less: Accumulated Depreciation	730	1,810
Total Property, Plant, and Equipment			5,010
Intangible
Goodwill			2,000
Total Assets			26,550
Liabilities and Stockholders' Equity
Current Liabilities
Accounts Payable		866
Notes Payable		69
Salaries and Wages Payable		205
Income Tax Payable		135
Total Current Liabilities			1,275
Mortgage Payable			3,700
Total Liabilities			4,975
Stockholders' Equity
Common Stock		16,600
Retained Earnings		4,975
Total Stockholders' Equity			21,575
Total Liabilities and Stockholders' Equity			26,550