Question

You are provided with the following information for Pharoah Company, effective as of its April 30, 2022, year-end. $ 846 880 Accounts payable Accounts receivable Accumulated depreciation-equipment Cash 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) 620 1,250 17,200 1,040 415 400 2,590 1,600 190 125 210 600 980 13,645 2,500 3,300 Nadalah

Answer 1

$5,000 PHAROAH COMPANY Income Statement For Year Ended April 30, 2022 Revenue: Service Revenue Expenses: Cost of Goods Sold Salaries and Wages expense Insurance expense Interest expense Depreciation expense Total expenses Net Income Before Tax Less: Income tax expense Net Income After Tax $1,040 $750 $210 $600 $415 $3,015 $1,985 ($190) $1,795

PHAROAH COMPANY Statement of Retained Earnings For Year Ended April 30, 2022 Retained earnings, Dec 31 prior year end Less: Dividends $1,500 ($400) $1,100 $1,795 $2,895 Add: Net Income Retained earnings, Dec 31 Current year end

$70 $1,250 $880 $980 $3,180 $1,800 $1,800 $13,645 $13,645 PHAROAH COMPANY Balance Sheet April 30, 2022 Assets Current Assets Prepaid Insurance Cash Accounts Receivable Inventory Other Current Assets Stock investments Long-term Investments Investment in Land Property, Plant and Equipment Equipment Less: Accumulated Depreciation Land Intengible Assets Goodwill Total Assets Liabilities Notes Payable Accounts Payable Income Tax Payable Salaries and Wages Payable Mortage payable Total Liabilities Equity Common stock Retained Earnings Total equity Total liabilities and equity $2,590 ($620) $2,500 $4,470 $1,600 $1,600 $24,695 $64 $846 $125 $265 $3,300 $4,600 $17,200 $2,895 $20,095 $24,695

Note: Since accurate wordings are not available/given for Headings of Balance sheet so that might be little be different.

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