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The adjusted trial balance of Pharoah Supply Company included the following selec Debit Sales Revenue Sales Returns and Allowances $57,000 Sales Discounts 9,500 Cost of Goods Sold 407,050 Credit $648,000

The adjusted trial balance of Pharoah Supply Company included the following selec Debit Sales Revenue Sales Returns and Allowances $57,000 Sales Discounts 9,500 Cost of Goods Sold 407,050 Credit $648,000

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 adjusted trial balance of Pharoah Supply Company included the following selected accounts: Debit Sales Revenue Sales Returns and Allowances $57,000 Sales Discounts 9,500 Cost of Goods Sold 407,050 Freight-Out 2,900 Advertising Expense 15,800 Interest Expense Salaries and Wages Expense Utilities Expense Depreciation Expense Interest Revenue (a) 24,100 89,000 23,000 3,000 Credit $648,000 24,055 Use the above information to prepare a multiple-step income statement for the year ended December 31, 2 revenues before other expenses.) PHAROAH SUPPLY COMPANY Income Statement
Transcribed Image Text:The adjusted trial balance of Pharoah Supply Company included the following selected accounts: Debit Sales Revenue Sales Returns and Allowances $57,000 Sales Discounts 9,500 Cost of Goods Sold 407,050 Freight-Out 2,900 Advertising Expense 15,800 Interest Expense Salaries and Wages Expense Utilities Expense Depreciation Expense Interest Revenue (a) 24,100 89,000 23,000 3,000 Credit $648,000 24,055 Use the above information to prepare a multiple-step income statement for the year ended December 31, 2 revenues before other expenses.) PHAROAH SUPPLY COMPANY Income Statement
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