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Question 1 of 1 -/30 current Attempt in Progress Pharoah Company's balance sheet at December 31, 2021. is presented below. Pharoah Company Balance Sheet December 31, 2021 Cash $13,720 Accounts payable Accounts receivable 20,500 Common stock Allowance for doubtful accounts 1780) Retained earnings Inventory 9.550 $42.990 $8,680 20.700 13,610 $42.990 During January 2022, the following transactions occurred. Pharoah uses the perpetual inventory method. Jan 1 3 8 11 15 Pharoah accepted a 4-month, 8% note from Betheny Company in payment of Betheny's $4,800 account Pharoah wrote off as uncollectible the accounts of Walter Corporation ($500) and Drake Company (1300)| Pharoah purchased $16,380 of inventory on account. Pharoah sold for $25,800 on account inventory that cost $16,470. Pharoah sold inventory that cost $670 to Jack Rice for $900. Rice charged this amount on his Visa First Bank card. The Service fee charged Pharoah by First Bank is 3%. Pharoah collected $21,600 from customers on account Pharoah paid $17,600 on accounts payable, Pharoah received payment in full($300) from Drake Company on the account written off on January 3, Pharoah purchased advertising supplies for $1.280 cash. Pharoah paid other operating expenses, $3,260 17 21 24 27 31 Adjustment data: 1. 2. 3. Interest is recorded for the month on the note from January 1. Bad debts are expected to be 6% of the January 31, 2022, accounts receivable. A count of advertising supplies on January 31, 2022, reveals that $540 remains unused. The income tax rate is 30%. (Hint: Prepare the income statement up to Income before taxes and multiply by 30% to compute the amount: round to whole dollars.) 4. TIRANDA CONTV Income Statement 80