The following are account balances at the end of December 2024 for Pharoah Co. Cost of goods sold Common shares Advertising expense Equipment Depreciation expense Dividends declared Accounts payable Inventory Wages expense Sales revenue Accounts receivable Rent expense Cash $97,500 (a) 34,100 5,200 17,500 1,750 3,410 12,500 29,300 34,400 161,600 10,500 12,800 16,240 Prepaid rent Wages payable 3,000 Ending retained earnings balance (2023) 21,700 4,300 Prepare a statement of income for the year ended December 31, 2024. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Pharoah Co. Statement of Income For the Year Ended December 31, 2024 $ $ $

The following are account balances at the end of December 2024 for Pharoah Co. Cost of goods sold Common shares Advertising expense Equipment Depreciation expense Dividends declared Accounts payable Inventory Wages expense Sales revenue Accounts receivable Rent expense Cash $97,500 (a) 34,100 5,200 17,500 1,750 3,410 12,500 29,300 34,400 161,600 10,500 12,800 16,240 Prepaid rent Wages payable 3,000 Ending retained earnings balance (2023) 21,700 4,300 Prepare a statement of income for the year ended December 31, 2024. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Pharoah Co. Statement of Income For the Year Ended December 31, 2024 $ $ $

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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