Question
The adjusted trial balance for Pharoahs Animations is presented below. PHAROAH COMPANY Adjusted Trial Balance December 31, 2021 Debit Credit Cash $3,400 Accounts receivable 4,700
The adjusted trial balance for Pharoahs Animations is presented below.
PHAROAH COMPANY Adjusted Trial Balance December 31, 2021 | |||
---|---|---|---|
Debit | Credit | ||
Cash | $3,400 | ||
Accounts receivable | 4,700 | ||
Prepaid expenses | 2,700 | ||
Equipment | 49,000 | ||
Accumulated depreciationequipment | $18,375 | ||
Accounts payable | 6,000 | ||
Unearned revenue | 10,800 | ||
M. Pharoah, capital | 19,250 | ||
M. Pharoah, drawings | 17,000 | ||
Service revenue | 63,200 | ||
Rent expense | 8,800 | ||
Salaries expense | 23,600 | ||
Supplies expense | 2,300 | ||
Depreciation expense | 6,125 | ||
$117,625 | $117,625 |
Prepare an income statement for the year. Mr. Pharoah invested $5,200 cash in the business during the year. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Prepare a statement of owners equity for the year. Mr. Pharoah invested $5,200 cash in the business during the year. (List items that increase owner's equity first.)
Prepare a classified balance sheet at December 31, 2021. (List Current Assets in order of liquidity.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started