Question

Presented below is the trial balance of Pharoah Corporation at December 31, 2020.

Cash        $265,500       

Sales Revenue                $10,935,000

Debt Investments (trading) (at cost, $218,000)        207,000       

Cost of Goods Sold        6,480,000       

Debt Investments (long-term)        403,200       

Equity Investments (long-term)        374,400       

Notes Payable (short-term)                121,500

Accounts Payable                613,800

Selling Expenses        2,700,000       

Investment Revenue                85,500

Land        351,000       

Buildings        1,404,000       

Dividends Payable                183,600

Accrued Liabilities                129,600

Accounts Receivable        586,800       

Accumulated Depreciation–Buildings                205,200

Allowance for Doubtful Accounts                34,200

Administrative Expenses        1,215,000       

Interest Expense        285,300       

Inventory        805,500       

Gain                108,000

Notes Payable (long-term)                1,215,000

Equipment        810,000       

Bonds Payable                1,350,000

Accumulated Depreciation–Equipment                81,000

Franchises        216,000       

Common Stock ($5 par)                1,350,000

Treasury Stock        258,300       

Patents        263,700       

Retained Earnings                105,300

Paid-in Capital in Excess of Par                108,000

Totals        $16,625,700        $16,625,700

Compute each of the following:

1.        Total current assets   

2.        Total property, plant, and equipment

3.        Total assets   

4. Total Liabilities

5.        Total stockholders’ equity   

Answer 1