Answered step by step
Verified Expert Solution
Question
1 Approved Answer
can you please solve (a3)? Show Attempt History Current Attempt in Progress On June 1, 2022, Pharoah Company was started with an initial investment in
can you please solve (a3)?
Show Attempt History Current Attempt in Progress On June 1, 2022, Pharoah Company was started with an initial investment in the company of $21,250 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2022, and the revenues and expenses for the month of June, its first month of operations: Cash $5,600 Notes payable $14,000 Accounts receivable 4,400 Accounts payable 900 Service revenue 8,500 Supplies expense 1.125 Supplies 2,342 Maintenance and repairs expense 690 Advertising expense 400 Utilities expense 210 Equipment 26,800 Salaries and wages expense 1,400 Common stock 21,250 During June, the company issued no additional stock but paid dividends of $1,683. Prepare a retained earnings statement for the month of June. (List items that increase retained earnings first.) PHAROAH COMPANY Retained Earnings Statement For the Month Ended June 30, 2022 Retained Earnings, June 1 Add Net Income/(Loss) 4,675 4,675 Less DividendsStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started