The completed financial statement columns of the worksheet for Pharoah Company are shown below. Pharoah Company Worksheet For the Year Ended December 31, 2017 Income Statement of Statement Financial Position Account Account Titles Dr. Cr. Dr. Cr. No. 101 Cash 6,992 112 Accounts Receivable 7,545 130 Prepaid Insurance 2,073 157 Equipment 33,235 158 Accumulated Depreciation-Equip. 10,489 201 Accounts Payable 11,208 212 Salaries and Wages Payable 3,174 311 Share Capital - Ordinary 20,000 320 Retained Earnings 10,000 332 Dividends 1,755 400 Service Revenue 43,902 622 Maintenance and Repairs Expense 3,981 Depreciation Expense 2,860 722 Insurance Expense 1,058 726 Salaries and Wages Expense 35,144 732 Utilities Expense 4,130 Totals 47,173 43,902 51,600 54,871 Net Loss 3,271 3,271 47,173 47,173 54,871 54,871 711 Prepare an income statement (amounts in U.S. dollars). (If the amount for net income is negative, enter amount with either a negative sign preceding the number, e.g. -45 or parenthesis, e.g. (45).) PHAROAH COMPANY Income Statement For the Year Ended December 31, 2017 Revenues Service Revenue 43902 Expenses Maintenance and Repai 3981 Depreciation Expense 2860 Insurance Expense 1058 Salaries and Wages Exp 35144 Utilities Expense 4130 Total Expenses 47173 Net Income /(Loss) -3271 (a2) Your answer is correct. Prepare retained earnings statement (amounts in U.S. dollars). PHAROAH COMPANY Retained Earnings Statement For the Year Ended December 31, 2017 Retained Earnings, January 1 10000 Less Net Income / (Loss) Share Capital-Ordinary 20000 Retained Earnings 4974 Total Equity 24974 Current Liabilities Accounts Payable 11208 Salaries and Wages Pay 3174 Total Current Liabilities 14382 Total Equity and Liabilities 39356 Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Dec. 31 Service Revenue 43902 Debit Credit > 43902 Income Summary (To close revenue account.) Dec 31 Income Summary 47173 Maintenance and Repai 3981 Depreciation Expense 2860 > Insurance Expense 1058 Salaries and Wages Ex 35144 4130 3271 Utilities Expense (To close expense accounts.) Dec. 31 Retained Earnings Income Summary (To close net income / (loss).) Dec. 31 Retained Earnings > 3271 1755 Dividends 1755 (To close dividends.) Post the closing entries and balance the accounts. (Use T-accounts.) Income Summary is account No. 350. (Post entries in the order of journal entries presented in the previous part.) Retained Earnings No. 320 v V Dividends No. 332 Income Summary No. 350 Service Revenue No. 400 Maintenance and Repairs Expense No. 622 Depreciation Expense No. 711 Insurance Expense No. 722 Salaries and Wages Expense No. 726 Utilities Expense No. 732