Current Attempt in Progress Pharoah Corporation was formed on January 1, 2025. At December 31, 2025, Jennifer Davis, the president and sole stockhol decided to prepare a balance sheet, which appeared as follows. Pharoah Corporation Balance Sheet December 31, 2025 Assets Liabilities and Stockholders' Equity Cash $21.500 Accounts payable $33,700 Accounts receivable 60,000 Notes payable 16.900 Inventory 38,000 Boat loan 22,400 Boat 23.500 Stockholders' equity 70,000 Jennifer willingly admits that she is not an accountant by training. She is concerned that her balance sheet might not be com has provided you with the following additional information. 1 2. The boat actually belongs to Jennifer, not to Pharoah Corporation. However, because she thinks she might take cust on the boat occasionally, she decided to list it as an asset of the company. To be consistent, she also listed as a liabilit corporation her personal loan that she took out at the bank to buy the boat. The inventory was originally purchased for $24,700, but due to a surge in demand Jennifer now thinks she could sel $38,000. She thought it would be best to record it at $38.000.

Current Attempt in Progress Pharoah Corporation was formed on January 1, 2025. At December 31, 2025, Jennifer Davis, the president and sole stockhol decided to prepare a balance sheet, which appeared as follows. Pharoah Corporation Balance Sheet December 31, 2025 Assets Liabilities and Stockholders' Equity Cash $21.500 Accounts payable $33,700 Accounts receivable 60,000 Notes payable 16.900 Inventory 38,000 Boat loan 22,400 Boat 23.500 Stockholders' equity 70,000 Jennifer willingly admits that she is not an accountant by training. She is concerned that her balance sheet might not be com has provided you with the following additional information. 1 2. The boat actually belongs to Jennifer, not to Pharoah Corporation. However, because she thinks she might take cust on the boat occasionally, she decided to list it as an asset of the company. To be consistent, she also listed as a liabilit corporation her personal loan that she took out at the bank to buy the boat. The inventory was originally purchased for $24,700, but due to a surge in demand Jennifer now thinks she could sel $38,000. She thought it would be best to record it at $38.000.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 10P: Comprehensive The shareholders equity section of Superior Corporations balance sheet as of December...

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