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The following trial balance of Pharoah Company at December 31, 2020 has been properly adjusted except for the income tax expense adjustment. Pharoah Company Trial
The following trial balance of Pharoah Company at December 31, 2020 has been properly adjusted except for the income tax expense adjustment. Pharoah Company Trial Balance December 31, 2020 Dr. Cash $ 878000 Accounts receivable (net) 2710000 Inventory 2086000 Property, plant, and equipment (net) 7563000 Accounts payable and accrued liabilities 1770000 Income taxes payable 651000 Deferred income tax liability 84000 Common stock 2348000 Additional paid-in capital 3676000 Retained earnings, 1/1/20 3517000 Accounts payable and accrued liabilities 1770000 Income taxes payable 651000 Deferred income tax liability 84000 Common stock 2348000 Additional paid-in capital 3676000 Retained earnings, 1/1/20 3517000 Net sales and other revenues 12865000 Costs and expenses 11150000 Income tax expenses 524000 $24911000 $24911000 Included in accounts receivable is $1190000 due from a customer and payable in quarterly installments of $148750. The last payment is due December 29, 2022. In Pharoah's December 31, 2020 balance sheet. Income tax expenses 524000 $24911000 $24911000 Included in accounts receivable is $1190000 due from a customer and payable in quarterly installments of $148750. The last payment is due December 29, 2022. In Pharoah's December 31, 2020 balance sheet. The current assets total is $6198000. $5525250. $5079000. $5674000
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