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 $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
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 $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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
$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
Prepare a multiple-step statement of income.
PHAROAH CORPORATION
Statement of Income (Multiple-Step)
LA
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