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Question 3 You are provided with the following information for Pharoah Company, effective as of its April 30, 2022, year-end. $ 866 880 730 Accounts payable Accounts receivable Accumulated depreciation equipment Cash Common stock Cost of goods sold Depreciation expense Dividends Equipment Goodwill Income tax expense Income taxes payable Insurance expense Interest expense Inventory Investment in land Land Mortgage payable (long-term) Notes payable (short-term) Prepaid insurance Retained earnings (beginning) Salaries and wages expense Salaries and wages payable Sales revenue Stock investments (short-term) 1,300 16,600 1,020 330 350 2,540 2,000 185 135 320 470 960 15,130 3,200 3,700 69 70 1,800 650 205 6,500 1,200 PHAROAH COMPANY Balance Sheet April 30, 2022 Assets Current Assets Cash 1300 x X Accounts Receivable 8801 X x Inventory 960 X X Prepaid Insurance 70 X Stock Investments 1200 Total Current Assets 4410 X Investment in Land Property, plant and Equipment X Equipment x Less . Accumulated Depreciation-Equipment 730 11801 x Goodwill 2000 Total Assets 26550 Liabilities and Stockholders' Equity Current Liabilities Accounts Payable 866 Income Taxes Payable 135 Notes Payable 69 Salaries and Wages Payable 205 Total Current Liabilities 1275 Long-Term Liabilities Mortgage Payable 3700 Total Liabilities 4975 Stockholders' Equity Common Stock 1660 Retained Earnings 4975 Total Stockholders' Equity 21575 Total Liabilities and Stockholders' Equity 26550

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