An alphabetical list of Pharoahs Company adjusted accounts at its fiscal year end, August 31, 2021, follows. All accounts have normal balances Accounts payable Accumulated depreciation-equipment Accumulated depreciation-furniture Cash Cost of goods sold Depreciation expense Equipment Furniture Insurance expense Interest expense Interest payable Merchandise inventory Additional information: $15,580 14,000 17,500 25,600 271,700 7,100 35.000 42.000 3.575 2.140 535 70.650 Notes payable Prepaid insurance R. Smistad, capital R. Smistad, drawings 78,000 Rent expense 24,700 Salaries expense 50,600 Salaries payable 2,250 Sales 475,000 Sales returns and allowances 16,300 Supplies 950 Supplies expense Unearned revenue $42.000 575 PHAROAH COMPANY Income Statement 65,750 6.325 2.600 1. Of the notes payable, $6.900 becomies due on February 17, 2022. The balance is due in 2023. 2. On July 18, 2021, R. Smistad invested $4,500 cash in the business. Prepare a multiple-step income statement. (Enter negative amounts using either a negative sign preceding the number eg-45 or parentheses (45))

FINANCIAL ACCOUNTING
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ISBN:9781259964947
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Chapter1: Financial Statements And Business Decisions
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An alphabetical list of Pharoahs Company adjusted accounts at its fiscal year end, August 31, 2021, follows. All accounts have normal
balances
Accounts payable
Accumulated depreciation-equipment
Accumulated depreciation-furniture
Cash
Cost of goods sold
Depreciation expense
Equipment
Furniture
Insurance expense
Interest expense
Interest payable
Merchandise inventory
Additional information:
$15,580
14,000
17,500
25,600
271,700
7,100
35,000
42.000
3.575
2.140
535
70.650
Notes payable
Prepaid insurance
R. Smistad, capital
R. Smistad, drawings
Rent expense
Salaries expense
Salaries payable
Sales
Sales returns and allowances
Supplies
Supplies expense
Unearned revenue
$42.000
575
PHAROAH COMPANY
Income Statement
65,750
78,000
24,700
50,600
2.250
475,000
16,300
950
6.325
2.600
1. Of the notes payable, $6,900 becomies due on February 17, 2022. The balance is due in 2023.
2. On July 18, 2021, R. Smistad invested $4,500 cash in the business.
Prepare a multiple-step income statement. (Enter negative amounts using either a negotive sign preceding the number eg -45 or parentheses
eg. (45))
Transcribed Image Text:An alphabetical list of Pharoahs Company adjusted accounts at its fiscal year end, August 31, 2021, follows. All accounts have normal balances Accounts payable Accumulated depreciation-equipment Accumulated depreciation-furniture Cash Cost of goods sold Depreciation expense Equipment Furniture Insurance expense Interest expense Interest payable Merchandise inventory Additional information: $15,580 14,000 17,500 25,600 271,700 7,100 35,000 42.000 3.575 2.140 535 70.650 Notes payable Prepaid insurance R. Smistad, capital R. Smistad, drawings Rent expense Salaries expense Salaries payable Sales Sales returns and allowances Supplies Supplies expense Unearned revenue $42.000 575 PHAROAH COMPANY Income Statement 65,750 78,000 24,700 50,600 2.250 475,000 16,300 950 6.325 2.600 1. Of the notes payable, $6,900 becomies due on February 17, 2022. The balance is due in 2023. 2. On July 18, 2021, R. Smistad invested $4,500 cash in the business. Prepare a multiple-step income statement. (Enter negative amounts using either a negotive sign preceding the number eg -45 or parentheses eg. (45))
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