50.1K
Verified Solution
Link Copied!
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 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 $36,400
Answer & Explanation
Solved by verified expert
