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 1 year ago

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