FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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These items are taken from the financial statements of Pharoah Ltd. at December 31, 2021:
Accounts payable
Accounts receivable
Accumulated depreciation-buildings
Accumulated depreciation-equipment
Buildings
Cash
Common shares
Equipment
Income tax expense
Interest expense
Interest payable
Land
Long-term investments
Mortgage payable
Operating expenses
Prepaid insurance
Retained earnings, January 1
Service revenue
Supplies
$23,050
23,780
52,600
20,470
132,800
28,040
142,000
65,100
5,400
4,300
2,900
188,370
29,970
107,000
162,680
1,600
114,520
181.040
1,540
4
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Transcribed Image Text:These items are taken from the financial statements of Pharoah Ltd. at December 31, 2021: Accounts payable Accounts receivable Accumulated depreciation-buildings Accumulated depreciation-equipment Buildings Cash Common shares Equipment Income tax expense Interest expense Interest payable Land Long-term investments Mortgage payable Operating expenses Prepaid insurance Retained earnings, January 1 Service revenue Supplies $23,050 23,780 52,600 20,470 132,800 28,040 142,000 65,100 5,400 4,300 2,900 188,370 29,970 107,000 162,680 1,600 114,520 181.040 1,540 4
Calculate net income and the ending balance of retained earnings at December 31, 2021.
Net income
Retained Earnings $
eTextbook and Media
List of Accounts
Prepare a statement of financial position. Assume that the company will pay $32,500 of the mortgage payable in 2022. (List
Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Land, Buildings, and Equipment.)
PHAROAH LTD.
Statement of Financial Position
December 31, 2021
Assets
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Transcribed Image Text:Calculate net income and the ending balance of retained earnings at December 31, 2021. Net income Retained Earnings $ eTextbook and Media List of Accounts Prepare a statement of financial position. Assume that the company will pay $32,500 of the mortgage payable in 2022. (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Land, Buildings, and Equipment.) PHAROAH LTD. Statement of Financial Position December 31, 2021 Assets
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