Question
Pharoah Company, a public camping ground near the Four Corners National Recreation Area, has compiled the following financial information as of December 31, 2020.
Pharoah Company, a public camping ground near the Four Corners National Recreation Area, has compiled the following financial information as of December 31, 2020. Revenues during 2020-camping fees $210,000 Notes payable $90,000 Revenues during 2020-general store 70,500 Expenses during 2020 225,000 Accounts payable 16,500 Supplies on hand 3,750 Cash on hand 30,000 Common stock 30,000 Original cost of equipment 158,250 Retained earnings Fair value of equipment 210,000 Prepare a balance sheet for Pharoah Company as of December 31, 2020. (List Assets in order of liquidity) Assets Liabilities and Stockholders' Equity
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