The following information is available for Pharoah CompanyAccounts receivable $2,200 Cash $6,300Accounts payable 4,500 Supplies 3,820Interest payable 540 Unearned service revenue 920Salaries and wages expense 5,000 Salaries and wages payable 760Notes payable 32,500 Depreciation expense 670Common stock 50,500 Equipment (net) 109,800Inventory 2,910 Using the information above, prepare a balance sheet as of December 31, 2022. (Hint: Solve for the missing retained earnings amount after first determining total assets and total liabilities.) (List assets in order of liquidity.)

Balance Sheet: The balance sheet is a financial statement that shows the company's assets, the money…

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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 information is available for Pharoah Company

Accounts receivable	$2,200	Cash	$6,300
Accounts payable	4,500	Supplies	3,820
Interest payable	540	Unearned service revenue	920
Salaries and wages expense	5,000	Salaries and wages payable	760
Notes payable	32,500	Depreciation expense	670
Common stock	50,500	Equipment (net)	109,800
Inventory	2,910

Using the information above, prepare a balance sheet as of December 31, 2022. (Hint: Solve for the missing retained earnings amount after first determining total assets and total liabilities.) (List assets in order of liquidity.)

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