Question
Here are incomplete financial statements for Pharoah Company. Calculate the missing amounts. PHAROAH COMPANY Balance Sheet Assets Cash-$29,000 Supplies?(a) Equipment (net)64,900 Total assets?$(b) Liabilities and
Here are incomplete financial statements for Pharoah Company.
Calculate the missing amounts.
PHAROAH COMPANY
Balance Sheet
Assets
Cash-$29,000
Supplies?(a)
Equipment (net)64,900
Total assets?$(b)
Liabilities and Stockholders' Equity
Liabilities
Notes payable $23,700
Stockholders' Equity
Common stock 37,100
Retained earningsenter a dollar amount ? (c)
Total liabilities and stockholders' equity ? $ (d)
PHAROAH COMPANY
Income Statement
Revenues$56,500
Depreciation expense enter a dollar amount (e)
Salaries and wages expense 12,100
Interest expense 1,000
Net income $24,500
PHAROAH COMPANY
Retained Earnings Statement
Beginning retained earnings$ (f)
Add: Net income enter a dollar amount (g)
Less: Dividends 6,100
Ending retained earnings$38,000
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