Question 10

The following items are taken from the financial statements of Pharoah Company for 2022:

Accounts payable		$11,700
Accounts receivable		12,500
Accumulated depreciationequipment		37,700
Advertising expense		22,000
Cash		13,500
Common stock		85,000
Depreciation expense		12,300
Dividends		14,900
Equipment		240,000
Insurance expense		3,900
Notes payable		88,500
Prepaid insurance		6,900
Rent expense		17,600
Retained earnings (beginning)		28,400
Salaries and wages expense		34,300
Salaries and wages payable		3,400
Service revenue		132,000
Supplies		3,100
Supplies expense		5,700

(a)

	Your answer is incorrect.

Calculate the net income.

Net income

$enter the net income in dollars 36200

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(b)

Calculate the retained earnings balance that would appear on a balance sheet at December 31, 2022.

Retained Earnings

$