Pharoah Ltd. had the following transactions in its first month of operations: 1. Issued 18,000...
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Pharoah Ltd. had the following transactions in its first month of operations: 1. Issued 18,000 common shares in exchange for $90,000 cash. 2. Took out a $22,600 loan from the bank. 3. Paid $28,100 to purchase inventory. 4. Equipment costing $39,500 was purchased for $6,300 cash, with the balance on account. 5. Made sales of $51,600 to customers, with $11,000 being cash sales and the balance on account. 6. The cost of the inventory sold to customers was $26,800. 7. Paid employee wages totalling $8,500. 8. Operating expenses of $2,900 were paid during the month. 9. Deprecation of $600 was recorded for the month. 10. Dividends of $900 were declared and paid during the month
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