Pharoah Company Worksheet For the Year Ended December 31, 2020 Income Statement Balance Sheet Account Titles Account No. 101 Dr. Cr. Dr. Cr. 112 130 157 158 201 8,800 10,800 2,800 24,400 212 Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation-Equip. Accounts Payable Salaries and Wages Payable Owner's Capital Owner's Drawings Service Revenue Maintenance and Repairs Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Utilities Expense Totals 4,400 8,900 2,200 19.200 301 306 400 10,100 60,400 622 711 722 726 732 1.800 3,300 1,800 30.100 1,200 38,200 22,200 60,400 56,900 Net Income 34,700 22,200 PHAROAH COMPANY Income Statement For the Year Ended December 31, 2020 Revenues Service Revenue 60.400 Expenses Maintenance and Repairs Expense 1.800 Insurance Expense 1.800 i Utilities Expense 1200 Depreciation Experte 3.300 i Salaries and Wages Expense 30.100 Total Expenses 38.200 00 Netlacome/(Loss) PHAROAH COMPANY Owner's Equity Statement For the Year Ended December 31, 2020 Owner's Capital, January 1 $ 19,200 Add : 22,200 i IN Net Income /(Loss) 41,400 Less: Drawings 10,100 Owner's Capital, December 31 - $ 31,300 Dec. 31 Service Revenue 60.400 Income Summary 60400 (To close revenue account) Income Summary Dec. 31 138.200 1800 Maintenance and Repairs Expense 30300 Depreciation Experte 1800 Insurance Expense Salaries and Wicus Expense 200 Utilities (To close expenseite Online Expense Income Summary 20 Dec. 31 200 Owners Capital (To close net income / (loss)) Owners Capital Dec. 31 Owner's Drawings 10:10 hindwa Owner's Capital No. 301 12/31 10.100 12/31 22,200 Owner's Drawings No. 306 Income Summary No. 350 Service Revenue No. 400 Maintenance and Repairs Expense No. 622 Maintenance and Repairs Expense No. 622 Depreciation Expense No. 711 Insurance Expense No. 722 Salaries and Wages Expense No. 726 Utilities Expense No. 732 e Textbook and Media