Pharoah Company Worksheet For the Year Ended December 31, 2020 Income Statement Balance Sheet Account Titles Dr. Cr. Dr. Cr. Account No. 101 112 130 157 8,800 10,800 2.800 24,400 158 201 212 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 10,100 306 400 622 711 60,400 722 726 732 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 50.400 Expenses Maintenance and Repairs Expense $ 1.800 Insurance Expense 1.800 i Utilities Expense 1.200 i Depreciation Expono 3.300 Salaries and Wases lixpense 30.100 Total Expenses 00 Net Income /(Loss) PHAROAH COMPANY Owner's Equity Statement For the Year Ended December 31, 2020 Owner's Capital, January 1 $ 19,200 Add : i 22,200 Net Income /(Loss) 41,400 Less : Drawings 10,100 Owner's Capital, December 31 - 31.300 Account Titles and Explanation Debit Date Dec. 31 Credit (To close revenue account) Dec. 31 (To close expense accounts) Dec. 31 (to con not incomalee