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The following list of accounts, in alphabetical order, is for Pharoah Inc. at November 30, 2018: $26,500 Accounts payable 20,000 Accounts receivable Bank loan payable 34,000 Buildings 100,000 Cash 20,700 Common shares 21,700 Equipment 30,000 Income tax payable 4,300 Land 43,200 Inventory 18,000 Mortgage payable 95,000 Retained earnings 51,000 Supplies 600 PHAROAH INC. Statement of Financial Position For the Year Ended November 30, 2018 Assets $ Liabilities and Shareholders' Equity tA Liabilities and Shareholders' Equity $ tA tA Consider the following typical accounts and statement items and indicate on which statement(s)-income statement, statement of financial position, statement of changes in equity, and/or statement of cash flows-you would find each of the accounts or items. Sales 1. 2. Cash 3. Cash provided by operating activities Service revenue 4. Common shares 5. 6 Dividends declared Net income 7. 8 Accounts receivable 9 Inventory Income tax expense 10. Interest expense 11. 12. Cash used by investing activities 13. Equipment Retained earnings 14. 1-4 Consider the following statements and indicate if each of the statements listed in the left-hand column of the table is normally true or false for each of the types of business organization: proprietorship, partnership, public corporation, and private corporation. Public Private Proprietorship Partnership Corporation Corporation 1. No personal liability False True True False 2. Owner(s) pay(s) personal income tax on company income 3. Generally easiest form of organization to raise capital 4. Ownership indicated by shares 5. Required to issue quarterly financial statements 6. Owned by one person 7. Limited life 8 Usually easiest form of organization to set up 9. Required to use IFR$ as its accounting standards 10. Shares are closely held