Pharoah Corporation's balance sheet at the end of 2019 included the following items.Current assets (Cash $82,000) $236,81032,710LandBuildingsEquipmentAccum. depr.-buildingsAccum. depr.-equipmentPatentsTotal1.2.3.The following information is available for 2020.4.121,8105.92,710(31,810 )(11,000 )41,810$483,040Current liabilitiesBonds payableCommon stockRetained earningsTotal$151,810101,810182,71046,710$483,040Net income was $54,680.Equipment (cost $21,810 and accumulated depreciation $9,810) was sold for $11,810.Depreciation expense was $5,810 on the building and $10,810 on equipment.Patent amortization was $2,500.Current assets other than cash increased by $29,000. Current liabilities increased by $14,810.

Net income of the company in 2020: $54,680Changes in current assets and liabilities for 2020:…

Answered: Pharoah Corporation's balance sheet at…

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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