Question

WRC 2 PRIX JS.com/courses/35921/assignments/3765514 Watch Power - So. A mam Book vs Movie: D... Watch Power - So... Q Niko's now store ... Question 3 View Policies Current Attempt in Progress These items are taken from the financial statements of Pharoah Company at December 31, 2022 Buildings Accounts receivable Prepaid insurance Cash Equipment Land Insurance expense Depreciation expense Interest expense Common stock Retained earnings January 1, 2022) Accumulated depreciation-buildings Accounts payable Notes payable Accumulated depreciation-equipment Interest payable Service revenue $95,220 11,340 2,880 10,656 74,160 55,080 702 4.770 2,340 54,000 36,000 41,040 8,550 84.240 16,848 3.240 13,230 Prepare a classified balance sheet. Assume that $12,240 of the note payable will be paid in 2023. (List Equipment in order of Land, Buildings and Equipment)

can someone help with the balance sheet please

Answer 1

Answer:

10656 11340 2880 24876 55080 54180 PHAROAH COMPANY Balance Sheet December 31, 2022 Assets Current Assets Cash Accounts Receivable Prepaid Insurance Total Current Assets Property, Plant and Equipment Land Building 95220 Less: Accumulated Depreciation-Buildings 41040 Equipment 74160 Less: Accumulated Depreciation-Equipment 16848 Total Assets Liabilities and stocknolders Equity Current Liabilities Notes Payable Accounts Payable Interest Payable Total Current Liabilities Long Term Liabilities Notes Payable Total Liabilities Stockholders Equity Common Stock Retained Earnings Total Stockholders Equity Total Liabilities and Stockholders Equity 57312 166572 191448 12240 8550 3240 24030 720001 96030 54000 41418 95418 191448

Calculation:
Long TErm Notes Payable = $84,240 - $12,240
Long term Notes Payable= $72,000
Net Income = Service Reveune -Insurance Expense - Depreciation Expense - Interest Expense
Net Income = $13,230 - $702 - $4770 - $2340
Net Income = $5,418
Retained Earning = Retained Earning January 1, 2022 + Net Income
Retained Earning = $36,000 + $5,418
Retained Earnings = $41,418