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You are provided with the following information for Pharoah Company, effective as of its April 30, 2022, year-end. Accounts payable $ 866 Accounts receivable Accumulated depreciation-equipment Cash 880 730 1,300 Common stock 16,600 Cost of goods sold 1,020 Depreciation expense 330 Dividends 350 2,540 2,000 Equipment Goodwill Income tax expense Income taxes payable Insurance expense 185 135 320 Interest expense 470 Inventory 960 15,130 Investment in land Land 3,200 3,700 69 70 1,800 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) 650 205 6,500 1,200 PHAROAH COMPANY Income Statement For the Year Ended April 30, 2022 Revenues Sales Revenue 6500.0 Expenses Cost of Goods Sold 1020.00 i Salaries and Wages Expense 650.00 i Interest Expense 470.00 i Depreciation Expense 330.00 i Insurance Expense 320.00 i Income Tax Expense 185.00 Total Expenses 2975 Net Income /(Loss) 3525.0 PHAROAH COMPANY Retained Earnings Statement For the Year Ended April 30, 2022 Retained Earnings, May 1, 2021 1800 Add : Net Income / (Loss) 3525 5325 Less V: Dividends 350 Retained Earnings, April 30, 2022 $ 4975 PHAROAH COMPANY Balance Sheet Assets $

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