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Where did I go wrong here? Pharoah Ltd. is a Canadian private company following ASPE. Following are the partial trial balances for Pharoah as at
Where did I go wrong here?
Pharoah Ltd. is a Canadian private company following ASPE. Following are the partial trial balances for Pharoah as at December 31: During 2024, Pharoah collected $390,000 in cash from its customers. Pharoah also paid out cash of $147,000 for salaries and wages, $68,000 for income taxes, $39,000 for insurance, and $24,700 for interest. Prepare a single-step income statement for Pharoah Ltd. for the year ended December 31, 2024. Pharoah Ltd. Income Statement For the Year Ended December 31, 2024 Revenue Expenses Salaries and Wages Expense Insurance Expense Interest Expense Income Tax Expense Total Expenses Net Income / (Loss) \begin{tabular}{|r|} \hline 39,000 \\ \hline \end{tabular} \begin{tabular}{|r|r} \hline 24,700 \\ \hline \end{tabular} 68,000Step by Step Solution
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