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ivable depreciation-equipment pense $238,500 688,050 49,500

ivable depreciation-equipment pense $238,500 688,050 49,500

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following selected accounts from Pharoah Corporation's general ledger are presented below for the year ended December 31, 2024: Accounts receivable Accumulated depreciation-equipment Advertising expense Common shares Cost of goods sold Deferred revenue Depreciation expense Dividends declared Equipment Freight out Income tax expense Insurance expense Interest expense Interest income Inventory Prepaid expenses Refund liability Rent income Retained earnings Salaries expense Sales Prepare a single-step statement of income. $238,500 688,050 49,500 225,000 1,054,800 16,200 112,500 135,000 1,305,000 22,500 63,000 20,700 55,800 27,000 87,300 27,900 17,100 21,600 481,500 634,500 2,330,550 PHAROAH CORPORATION Statement of Income (Single-Step) Year Ended December 31, 2024 V
Transcribed Image Text:The following selected accounts from Pharoah Corporation's general ledger are presented below for the year ended December 31, 2024: Accounts receivable Accumulated depreciation-equipment Advertising expense Common shares Cost of goods sold Deferred revenue Depreciation expense Dividends declared Equipment Freight out Income tax expense Insurance expense Interest expense Interest income Inventory Prepaid expenses Refund liability Rent income Retained earnings Salaries expense Sales Prepare a single-step statement of income. $238,500 688,050 49,500 225,000 1,054,800 16,200 112,500 135,000 1,305,000 22,500 63,000 20,700 55,800 27,000 87,300 27,900 17,100 21,600 481,500 634,500 2,330,550 PHAROAH CORPORATION Statement of Income (Single-Step) Year Ended December 31, 2024 V
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