$ 866 880 730 1,300 16,600 1,020 330 350 2,540 2,000 185 135 Accounts payable Accounts...

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Question

$ 866 880 730 1,300 16,600 1,020 330 350 2,540 2,000 185 135 Accounts payable Accounts receivable Accumulated depreciation-eq

PHAROAH COMPANY Balance Sheet April 30, 2022 Assets Current Assets Cash Accounts Receivable Prepaid Insurance Inventory Stock

Long-Term Investments Total Property, Plant and Equipment Goodwill Total Assets Liabilities and Stockholders Equity Total Li

Stockholders Equity Total Stockholders Equity Total Liabilities and Stockholders Equity

business accounting

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Answer 1

Answer #1

Income Statement
Particular	Amount
Sales revenue	6500
less cost of goods sold	1020
Gross profit	5480
less expenses
depreciation expenses	330
insurance expense	320
interest expense	470
salaries and wages expense	650
income tax expense	185
total expenses	1955
net profit	3525

Statement of retained earning
Particular	Amount
beginning balance	1800
add net profit	3525
less dividend paid	350
closing balance of retained earning	4975

using above information the balance sheet is as follows

Balance sheet
as on 30 april 2022
Particular	Amount
Assets
current assets
cash		1300
accounts receivable		880
prepaid insurance		70
inventory		960
stock investments		1200
Total current assets		4410
Long term investment
Investment in land		15130
property plant and equipment
Land		3200
equipment	2540
less accumulated depreciation for equipment	730	1810
goodwill		2000
Total assets		26550
Liabilities and stockholder equity
Current liabilities
accounts payable		866
notes payable		69
income tax payable		135
salaries and wages payable		205
Total current liabilities		1275
Non current liabilities
Mortgage payable		3700
Total liabilities		4975
Stockholder equity
Common stock		16600
retained earnings		4975
Total stockholder equity		21575
Total liability and stockholder equity		26550

please note that the balance sheet heads format may vary depending on the format followed. But the amounts and subheads of each heads are correct as per my knowledge.

Best of luck!!!

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Answer 2

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