Question

In: Accounting

Presented below is the adjusted trial balance of Pharoah Corporation at December 31, 2017. Debit Credit...

Presented below is the adjusted trial balance of Pharoah Corporation at December 31, 2017.

Debit

Credit

Cash

$          ?

Supplies

1,490

Prepaid Insurance

1,290

Equipment

48,290

Accumulated Depreciation-Equipment

$  4,290

Trademarks

1,240

Accounts Payable

10,290

Salaries and Wages Payable

790

Unearned Service Revenue

2,290

Bonds Payable (due 2024)

9,290

Common Stock

10,290

Retained Earnings

25,290

Service Revenue

10,290

Salaries and Wages Expense

9,290

Insurance Expense

1,690

Rent Expense

1,490

Interest Expense

 1,190
    Total $          ? $          ?


Additional information:

1. Net loss for the year was $3,370.
2. No dividends were declared during 2017.

Prepare a classified balance sheet as of December 31, 2017

Solutions

Expert Solution

Classified balance sheet ;

Assets
Current assets
Cash 6850
Supplies 1490
Prepaid Insurance 1290
Total current assets 9630
Property,plant and equipment
Equipment 48290
Less;Accumulated Depreciation-Equipment -4290 44000
Other assets
Trademark 1240
Total assets 54870
Liabilities and stockholder's equity
Current liabilities
Account payable 10290
Salaries and Wages Payable 790
Unearned service revenue 2290
Total current liabilities 13370
Non Current liabiltiies
Bonds payable 9290
Total liabilties 22660
Stockholder's equity
Common Stock 10290
Retained earnings 21920
Total stockholder's equity 32210
Total liabilties and stockholder's equity 54870

ekkarill92 answered 2 years ago
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