Problem 2-3A

You are provided with the following information for Pharoah Company, effective as of its April 30, 2017, year-end.

Accounts payable		$ 879
Accounts receivable		925
Accumulated depreciationequipment		670
Cash		1,385
Common stock		1,245
Cost of goods sold		1,105
Depreciation expense		290
Dividends		370
Equipment		2,535
Income tax expense		210
Income taxes payable		180
Insurance expense		255
Interest expense		445
Inventory		1,082
Land		3,215
Mortgage payable		3,615
Notes payable		176
Prepaid insurance		105
Retained earnings (beginning)		1,600
Salaries and wages expense		655
Salaries and wages payable		267
Sales revenue		5,215
Stock investments (short-term)		1,270

Prepare an income statement for Pharoah Company for the year ended April 30, 2017.

Pharoah Company Income Statement choose the accounting period For the Year Ended April 30, 2017For the Month Ended April 30, 2017April 30, 2017
select an opening name for section one DividendsExpensesNet Income / (Loss)Retained Earnings, May 1, 2016Retained Earnings, April 30, 2017RevenuesTotal ExpensesTotal Revenues
enter an income statement item		$enter a dollar amount
select an opening name for section two DividendsExpensesNet Income / (Loss)Retained Earnings, May 1, 2016Retained Earnings, April 30, 2017RevenuesTotal ExpensesTotal Revenues
enter an income statement item	$enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
select a closing name for section two Dividends Expenses Net Income / (Loss) Retained Earnings, May 1, 2016 Retained Earnings, April 30, 2017 Revenues Total Expenses Total Revenues		enter a total of the six previous amounts
select a closing name for this statement DividendsExpensesNet Income / (Loss)Retained Earnings, May 1, 2016Retained Earnings, April 30, 2017RevenuesTotal ExpensesTotal Revenues		$enter a total net income or loss amount

Prepare a retained earnings statement for Pharoah Company for the year ended April 30, 2017. (List items that increase retained earnings first.)

Pharoah Company Retained Earnings Statement choose the accounting period For the Month Ended April 30, 2017April 30, 2017For the Year Ended April 30, 2017
select an opening name DividendsExpensesNet Income / (Loss)Retained Earnings, May 1, 2016Retained Earnings, April 30, 2017RevenuesTotal ExpensesTotal Revenues	$enter a dollar amount
select between addition and deduction AddLess : select an item DividendsExpensesNet Income / (Loss)Retained Earnings, May 1, 2016Retained Earnings, April 30, 2017RevenuesTotal ExpensesTotal Revenues	enter a dollar amount
	enter a subtotal of the two previous amounts
select between addition and deduction AddLess : select an item DividendsExpensesNet Income / (Loss)Retained Earnings, May 1, 2016Retained Earnings, April 30, 2017RevenuesTotal ExpensesTotal Revenues	enter a dollar amount
select a closing name DividendsExpensesNet Income / (Loss)Retained Earnings, May 1, 2016Retained Earnings, April 30, 2017RevenuesTotal ExpensesTotal Revenues	$enter a total amount

Prepare a classified balance sheet for Pharoah Company as of April 30, 2017. (List current assets in order of liquidity.)

Pharoah Company Balance Sheet choose the accounting period For the Year Ended April 30, 2017For the Month Ended April 30, 2017April 30, 2017
Assets
select an opening name for subsection one Current AssetsCurrent LiabilitiesIntangible AssetsLong-Term InvestmentsLong-Term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity
enter a balance sheet item			$enter a dollar amount
enter a balance sheet item			enter a dollar amount
enter a balance sheet item			enter a dollar amount
enter a balance sheet item			enter a dollar amount
enter a balance sheet item			enter a dollar amount
select a closing name for subsection one Current Assets Current Liabilities Intangible Assets Long-Term Investments Long-Term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders' Equity					$enter a total amount for subsection one
select an opening name for subsection two Current AssetsCurrent LiabilitiesIntangible AssetsLong-Term InvestmentsLong-Term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity
enter a balance sheet item			enter a dollar amount
enter a balance sheet item	$enter a dollar amount
select between addition and deduction Add Less :enter a balance sheet item	enter a dollar amount		enter a subtotal for the two previous amounts
select a closing name for subsection two Current Assets Current Liabilities Intangible Assets Long-Term Investments Long-Term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders' Equity					enter a total amount for subsection two
select a closing section name for this part of balance sheet Current Assets Current Liabilities Intangible Assets Long-Term Investments Long-Term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders' Equity					$enter a total amount for this part of the balance sheet
Liabilities and Stockholders' Equity
select an opening name for subsection one Current AssetsCurrent LiabilitiesIntangible AssetsLong-Term InvestmentsLong-Term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity
enter a balance sheet item			$enter a dollar amount
enter a balance sheet item			enter a dollar amount
enter a balance sheet item			enter a dollar amount
enter a balance sheet item			enter a dollar amount
select a closing name for subsection one Current Assets Current Liabilities Intangible Assets Long-Term Investments Long-Term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders' Equity					$enter a total amount for subsection one of the second part of the balance sheet
select an opening name for subsection two Current AssetsCurrent LiabilitiesIntangible AssetsLong-Term InvestmentsLong-Term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity
enter a balance sheet item					enter a dollar amount
select a losing name for section one Current Assets Current Liabilities Intangible Assets Long-Term Investments Long-Term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders' Equity					enter a total amount for this section of the balance sheet
select an opening name for section two Current AssetsCurrent LiabilitiesIntangible AssetsLong-Term InvestmentsLong-Term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity
enter a balance sheet item			enter a dollar amount
enter a balance sheet item			enter a dollar amount
select a closing name for section two Current Assets Current Liabilities Intangible Assets Long-Term Investments Long-Term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders' Equity					enter a total of the two previous amounts
select a closing name for this part of the balance sheet Current Assets Current Liabilities Intangible Assets Long-Term Investments Long-Term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders' Equity					$enter a total amount for this part of balance sheet