Reference no: EM133102452
Question - These items are taken from the financial statements of Pharoah Company for 2022.
Retained earnings (beginning of year) $35,820
Utilities expense 2,130
Equipment 65,600
Accounts payable 17,050
Cash 14,180
Salaries and wages payable 5,120
Common stock 22,500
Dividends 12,000
Supplies 3,900
Debt investment (long-term) 5,800
Trademarks 2,100
Service revenue 69,700
Prepaid insurance 5,620
Maintenance and repairs expense 1,670
Depreciation expense 3,220
Accounts receivable 14,300
Insurance expense 2,580
Salaries and wages expense 38,770
Accumulated depreciation-equipment 21,680
Required -
1. Prepare an income statement for the year ended December 31, 2022.
2. Prepare a retained earnings statement for the year ended December 31, 2022.
3. Prepare a classified balance sheet as of December 31, 2022.
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