Question

Can somebody help me with these questions?

1) Pharoah Company compiled the following financial information as of December 31, 2017:

Service revenue	$841000
Common stock	179000
Equipment	239000
Operating expenses	735000
Cash	220000
Dividends	63000
Supplies	40000
Accounts payable	113000
Accounts receivable	93000
Retained earnings, 1/1/17	450000

What are Pharoah retained earnings as of December 31, 2017?

2) Concord Corporation had the following accounts and balances:

Accounts payable	$28100		Equipment	$34300
Accounts receivable	5250		Land	34500
Buildings	?		Unearned service revenue	9600
Cash	15350		Total stockholders' equity	?

If the balance of the Buildings account was $65100 and $5400 of Accounts Payable were paid in cash, what would be the balance of the total stockholders' equity?

3) Splish Brothers Inc. had the following accounts and balances:

Accounts payable	$30500		Equipment	$34600
Accounts receivable	4950		Land	34500
Buildings	?		Unearned service revenue	9900
Cash	14850		Total stockholders' equity	?

If total stockholder's equity was $96200, what would be the balance of the Buildings Account?

4) Sheffield Corp. had the following accounts and balances:

Accounts payable	$29900		Equipment	$34000
Accounts receivable	5250		Land	35000
Buildings	?		Unearned service revenue	10000
Cash	15050		Total stockholders' equity	?

If the balance of the Buildings account was $82700, what would be the total of liabilities and stockholders' equity?

Answer 1

Requirement 1
Income statement
Service revenue	841000
Less: Operating expenses	735000
Net income	106000
Statement of retained earnings
Retained earnings, 1/1/17	450000
Add: Net income	106000
	556000
Less: Dividends	63000
Retained earnings, 31/12/17	493000
Pharoah retained earnings as of December 31,2017 is $493,000
Requirement 2
Assets:
Land	34500
Equipment	34300
Buildings	65100
Accounts Receivable	5250
Cash (15,350 -5,400)	9950
Total Assets		149100
Less: Liabilities:
Accounts Payable (28,100-5400)	22700
Unearned service revenue	9600
Total Liabilities		32300
Total Stockholders' equity		116800
Requirement 3
Liabilities and stockholders' Equity
Accounts Payable	30500
Unearned service revenue	9900
Total stockholders' Equity	96200
Total Liabilities and stockholders' Equity		136600
Less: Assets
Cash	14850
Accounts Receivable	4950
Equipment	34600
Land	34500
Total Assets except Buildings		88900
Buildings Account		47700
Requirement 4
Assets:
Land	35000
Equipment	34000
Buildings	82700
Accounts Receivable	5250
Cash	15050
Total Assets		172000
Total Liabilities and stockholders' Equity		172000