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SHOW ALL STEPS: A) B) C) D) E) F) G) Here are incomplete financial statements for Pharoah Company. Calculate the missing amounts. PHAROAH COMPANY Balance
SHOW ALL STEPS:
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Here are incomplete financial statements for Pharoah Company. Calculate the missing amounts. PHAROAH COMPANY Balance Sheet Assets Cash $28,300 Supplies (a) Equipment (net) 61,500 Total assets $ (b) Liabilities and Stockholders' Equity Liabilities Notes payable $23,600 Stockholders' Equity Common stock 38,100 Retained earnings (c) Total liabilities and stockholders' equity $ (d) PHAROAH COMPANY Income Statement Revenues $56,500 Depreciation expense (e) Salaries and wages expense 12,400 Interest expense 1,600 Net income $26,700 PHAROAH COMPANY Retained Earnings Statement Beginning retained earnings $ (f) Add: Net income (g) Less: Dividends 6,900 Ending retained earnings $36,400Step by Step Solution
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