Question
Here are incomplete financial statements for Pharoah Company. Calculate the missing amounts with the question mark and where it says dollar amount PHAROAH COMPANY Balance
Here are incomplete financial statements for Pharoah Company. Calculate the missing amounts with the question mark and where it says dollar amount
| 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 earnings | enter 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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