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Chapter1: Financial Statements And Business Decisions
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Assignment (001 22F)
Question 5 of 7 <
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Salaries payable
Salaries expense
These financial statement items are for Pharoah Company at year end, July 31, 2024.
Utilities expense
Equipment
Accounts payable
Service revenue
Rent revenue
>
(a1)
$2,120
49,100
21,300
34.490
Notes payable (long-term)
62,200
Cash
Accounts receivable
Accumulated depreciation-equipment
4,030 D. Pharoah, drawings
Depreciation expense
8,800 D. Pharoah, capital (beginning of the year)
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$1,720
13,000
9,700
6,050
2,980
3,950
Prepare an income statement for the year. (Enter negative amounts using either a negative sign preceding
parentheses e.g. (45).)
49,600
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