Reference no: EM132788248
The following information is taken from the accounting records of Pharoah Corporation, a Canadian public company, for the year ended December 31, 2020.
Accounts receivable $90,500
Retained earnings, January 1, 2020 262,500
Loss on operation of discontinued operations (before tax) 99,000
Sales revenue 1,227,000
Cost of goods sold 731,000
Selling expenses 125,000
Cash 58,500
Common shares (20,000 common shares outstanding) 200,000
Dividend revenue 18,400
Inventory 123,000
Unearned revenue 4,400
Land 350,000
Interest expense 19,000
Administrative expenses 159,000
Notes payable (maturity 2026) 180,000
Accounts payable 71,000
Gain on disposal of discontinued operations (before tax) 169,000
Depreciation expense 45,000
Loss on disposal of equipment (before tax) 15,000
- Pharoah Corporation is subject to a 25% income tax rate.
Problem 1: Make a multiple-step income statement in good form for Pharoah Corporation (earnings per share information is not required).
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