On March 10, 2020, Pharoah Company sold to Barr Hardware 160 tool sets at a price of $50 each (cost $30 per set) with terms of n/60, f.o.b. shipping point. Pharoah allows Barr to return any unused tool sets within 60 days of purchase. Pharoah estimates that (1) 10 sets will be returned, (2) the cost of recovering the products will be immaterial, and (3) the returned tools sets can be resold at a profit. On March 25, 2020, Barr returned 7 tool sets and received a credit to its account. Assume that instead of selling the tool sets on credit, that Pharoah sold them for cash.

Indicate the income statement and balance sheet reporting by Pharoah at March 31, 2020, of the information related to the Barr sales. (List Assets in order of liquidity.)

Income Statement (partial) March 31, 2020For the Quarter Ended March 31, 2020
		$
AddLess:
Dividends DeclaredExpensesGross profitNet Income / (Loss)Net Income to Retained EarningsNet SalesRetained Earnings 1/1Retained Earnings 3/31RevenuesTotal Cost & ExpensesTotal Revenues
Dividends DeclaredExpensesGross profitNet Income / (Loss)Net Income to Retained EarningsNet SalesRetained Earnings 1/1Retained Earnings 3/31RevenuesTotal Cost & ExpensesTotal Revenues		$

Balance Sheet (partial) March 31, 2020For the Year Ended March 31, 2020For the Quarter Ended March 31, 2020
		$