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nika2105 [10]
3 years ago
9

Here are incomplete financial statements for Pharoah Company. Calculate the missing amounts. PHAROAH COMPANY Balance Sheet Asset

s Cash $29,000 Supplies (a) Equipment (net) 64,900 Total assets $ (b) Liabilities and Stockholders' Equity Liabilities Notes payable $23,700 Stockholders' Equity Common stock 37,100 Retained earnings enter a dollar amount (c) Total liabilities and stockholders' equity $ (d) PHAROAH COMPANY Income Statement Revenues $56,500 Depreciation expense enter a dollar amount (e) Salaries and wages expense 12,100 Interest expense 1,000 Net income $24,500 PHAROAH COMPANY Retained Earnings Statement Beginning retained earnings $ (f) Add: Net income enter a dollar amount (g) Less: Dividends 6,100 Ending retained earnings $38,000 eTextbook and Media
Business
1 answer:
maxonik [38]3 years ago
8 0

Answer:

Pharoah Company

Calculation of the missing amounts from incomplete financial statements:

Balance Sheet Assets

Cash $29,000

Supplies (a) $4,900

Equipment (net) 64,900

Total assets $ (b) $98,800

Liabilities and Stockholders' Equity

Liabilities

Notes payable $23,700

Stockholders' Equity:

Common stock 37,100

Retained earnings enter a dollar amount (c) $38,000

Total liabilities and stockholders' equity (d) $98,800

PHAROAH COMPANY Income Statement

Revenues $56,500

Depreciation expense (enter a dollar amount) (e) $18,900

Salaries and wages expense 12,100

Interest expense 1,000

Net income $24,500

PHAROAH COMPANY Retained Earnings Statement

Beginning retained earnings $ (f) $19,600

Add: Net income enter a dollar amount (g) $24,500

Less: Dividends 6,100

Ending retained earnings $38,000

Explanation:

Data and Calculations:

g) Net income is obtained from the income statement.

f) = Ending retained earnings plus dividends minus net income

= $38,000 + $6,100 - $24,500

= $19,600

e) Depreciation expense = Revenue minus (Net income + interest expense + salaries expense)

= $56,500 - ($24,500 + 1,000 + 12,100)

= $18,900

d) = liabilities + common stock + retained earnings

= $23,700 + $37,100 + $38,000

= $98,800

c) = retained earnings = given in the retained earnings statement

b) = Total assets = liabilities + Equity

= $98,800

a) Supplies = Total assets - (Cash + Equipment)

= $98,800 - ($29,000 + 64,900)

= $4,900

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The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation.
Maurinko [17]

Answer:

Vosburgh Electronics Corporation

Classified Balance Sheet

As of December 31, 2021:

Assets

Current Assets:

Cash                                           $67,000

Short-term investments             182,000

Accounts receivable                  123,000  

Allowance for uncollectible         (8,000)

Inventory                                    215,000

Receivables from employees    40,000

Notes receivable (short-term)   67,000

Interest receivable                     12,000

Prepaid expenses (for 2022)    16,000

Total current liabilities                                 $714,000

Long-term Assets:

Land                                         280,000

Building                                 1,550,000

Accumulated depreciation    (620,000)  

Equipment                               637,000

Accumulated depreciation    (210,000)

Patent (net)                              152,000

Franchise (net)                         40,000

Notes receivable                    183,000

Long-term investments          35,000

Total long-term assets                             $2,047,000

Total assets                                               $2,761,000

Liabilities + Equity:

Liabilities

Current Liabilities:

Accounts payable                                     $189,000

Dividends payable (payable on 1/16/2022) 10,000

Interest payable                                            16,000

Income taxes payable                                 40,000

Deferred revenue                                       48,000

Total current liabilities                                                $303,000

Long-term liabilities:

Deferred revenue                                        12,000  

Notes payable                                           300,000

Total Long-term liabilities                                          $312,000

Total Liabilities                                                           $615,000

Equity:

Common stock, 1.4 million authorized

670,000 shares issued & outstanding 2,000,000

Retained earnings                                      146,000

Total Equity                                                            $2,146,000

Total liabilities + equity                                          $2,761,000

Explanation:

a) Data and Calculations:

Account Title                              Debits        Credits

Cash                                        $67,000

Short-term investments          182,000

Accounts receivable               123,000

Long-term investments           35,000

Inventory                                 215,000

Receivables from employees 40,000

Prepaid expenses (for 2022)  16,000

Land                                      280,000

Building                              1,550,000

Equipment                            637,000

Patent (net)                           152,000

Franchise (net)                      40,000

Notes receivable                250,000

Interest receivable                12,000

Accumulated depreciation—building      $620,000

Accumulated depreciation—equipment    210,000

Accounts payable                                       189,000

Dividends payable (payable on 1/16/2022) 10,000

Interest payable                                            16,000

Income taxes payable                                  40,000

Deferred revenue                                        60,000

Notes payable                                            300,000

Common stock, 1.4 million authorized

670,000 shares issued & outstanding 2,000,000

Retained earnings                                      146,000

Totals                            $3,599,000    $3,599,000

Adjustments:

Common stock, 1.4 million shares of no par stock authorized,

670,000 shares issued and outstanding

Receivables from employees are short-term assets

Notes receivable 250,000

Short-term =          67,000

Long-term =         183,000

Deferred Revenue:

Short-term = $48,000 ($60,000 * 80%)

Long-term = $12,000 ($60,000 * 20%)

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