The adjusted trial balance for Pharoah Company is givenbelow.Pharoah CompanyTrial BalanceAugust 31,...The adjusted trial...

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Accounting

The adjusted trial balance for Pharoah Company is givenbelow.
Pharoah Company
Trial Balance
August 31, 2020
Before
Adjustment
After
Adjustment
Dr.
Cr.
Dr.
Cr.
Cash
$10,200 $10,200
Accounts Receivable
8,900 9,900
Supplies
2,300 600
Prepaid Insurance
3,800 2,700
Equipment
13,500 13,500
Accumulated Depreciation-Equipment
$ 3,700 $ 4,500
Accounts Payable
5,800 5,800
Salaries and Wages Payable
0 1,400
Unearned Rent Revenue
1,400 800
Common Stock
11,200 11,200
Retained Earnings
3,600 3,600
Service Revenue
33,900 34,900
Rent Revenue
11,100 11,700
Salaries and Wages Expense
16,800 18,200
Supplies Expense
0 1,700
Rent Expense
15,200 15,200
Insurance Expense
0 1,100
Depreciation Expense
0 800
$70,700 $70,700 $73,900
$73,900
Prepare the retained earnings statement for the year, preparethe income statement for the year, prepare the balance sheet atAugust 31.

Answer & Explanation Solved by verified expert

4.3 Ratings (922 Votes)

Answer-1)-

PHAROAH COMPANY
INCOME STATEMENT
FOR THE YEAR ENDED AUGUST 31,2020

PARTICULARS		AMOUNT
		$
Revenues		46600
Service revenue	34900
Rent revenue	11700
Less-Expenses
Salaries & wages expense	18200
Supplies expense	1700
Rent expense	15200
Insurance expense	1100
Depreciation expense	800
Total expenses		37000
Net Income		9600

2)-

PHAROAH COMPANY
STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED AUGUST 31		Amount
		$
Retained earnings opening		3600
Add- Net income		9600
Less- Dividends		0
Retained earnings ending		13200

3)-

PHAROAH COMPANY
BALANCE SHEET
AUGUST 31,2020

Assets		Amount
		$
Current Assets		23400
Cash	10200
Accounts receivable	9900
Supplies	600
Prepaid insurance	2700
Non Current Assets

Equipment	13500
Less- Accumulated depreciation	4500	9000

Total Assets		32400

Liabilities
Current liabilities		8000
Accounts payable	5800
Unearned rent revenue	800
Salaries & wages payable	1400

Stockholder's Equity		24400
Common stock	11200
Retained earnings	13200

Total liabilities and stockholder's equity		32400

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Transcribed Image Text

In: AccountingThe adjusted trial balance for Pharoah Company is givenbelow.Pharoah CompanyTrial BalanceAugust 31,...The adjusted trial balance for Pharoah Company is givenbelow.Pharoah CompanyTrial BalanceAugust 31, 2020BeforeAdjustmentAfterAdjustmentDr.Cr.Dr.Cr.Cash$10,200$10,200Accounts Receivable8,9009,900Supplies2,300600Prepaid Insurance3,8002,700Equipment13,50013,500Accumulated Depreciation-Equipment$ 3,700$ 4,500Accounts Payable5,8005,800Salaries and Wages Payable01,400Unearned Rent Revenue1,400800Common Stock11,20011,200Retained Earnings3,6003,600Service Revenue33,90034,900Rent Revenue11,10011,700Salaries and Wages Expense16,80018,200Supplies Expense01,700Rent Expense15,20015,200Insurance Expense01,100Depreciation Expense0800$70,700$70,700$73,900$73,900Prepare the retained earnings statement for the year, preparethe income statement for the year, prepare the balance sheet atAugust 31.

Pharoah Company Trial Balance August 31, 2020
	Before Adjustment		After Adjustment
	Dr.	Cr.	Dr.	Cr.
Cash	$10,200		$10,200
Accounts Receivable	8,900		9,900
Supplies	2,300		600
Prepaid Insurance	3,800		2,700
Equipment	13,500		13,500
Accumulated Depreciation-Equipment		$ 3,700		$ 4,500
Accounts Payable		5,800		5,800
Salaries and Wages Payable		0		1,400
Unearned Rent Revenue		1,400		800
Common Stock		11,200		11,200
Retained Earnings		3,600		3,600
Service Revenue		33,900		34,900
Rent Revenue		11,100		11,700
Salaries and Wages Expense	16,800		18,200
Supplies Expense	0		1,700
Rent Expense	15,200		15,200
Insurance Expense	0		1,100
Depreciation Expense	0		800
	$70,700	$70,700	$73,900	$73,900