Cash PHAROAH CORPORATION Balance Sheet December 31, 2021 $23,400 Accounts payable 42,900 Common stock ($10 par) (1.400) Retained earnings $23,000 88,000 Accounts receivable Allowance for doubtful accounts 119,700 4,200 Supplies Land 39.400 144,500 Buildings Accumulated depreciation-buildings (22.300) $230,700 $230,700 During 2022, the following transactions occurred. 1. 2. 3. 4. 5. . . . 6. On January 1, 2022, Pharoah issued 1,300 shares of $40 par, 7% preferred stock for $53,300. On January 1, 2022, Pharoah also issued 1,000 shares of the $10 par value common stock for $22.900. Pharoah performed services for $303,000 on account. On April 1, 2022, Pharoah collected fees of $33,200 in advance for services to be performed from April 1, 2022, 31, 2023. Pharoah collected $287,000 from customers on account. Pharoah bought $34,000 of supplies on account. Pharoah paid $31,500 on accounts payable. Pharoah reacquired 500 shares of its common stock on June 1, 2022 for $27 per share. Paid other operating expenses of $185,500. On December 31, 2022, Pharoah declared the annual preferred stock dividend and a $1.20 per share dividend on outstanding common stock, all payable on January 15, 2023. An account receivable of $1,800 which originated in 2021 is written off as uncollectible. 7. 8. 9. 10. 11. Adjustment data: 1. A count of supplies indicates that $5,600 of supplies remain unused at year-end. Recorded revenue from item 4 above. 2. 3. The allowance for doubtful accounts should have a balance of $3,400 at year end. 4. Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a salvage value of $10,700. 5. The income tax rate is 30%. (Hint: Prepare the income statement up to income before income taxes and multiply by 30% to compute the amount.) PHARDAH CORPORATION Income Statement 5 Tebook and Media List of Account SI Attempted 12 Prepare a retaines caring statement for the year ending December 31, 2022. Latem that increase read coming first) PHARDAH CORPORATION Statement of Red Earnings Tebook and Media Let of Account Attempta: Desa c2