On January 1, 2025, Pharoah Inc. had these stockholders' equity balances. Common Stock, $1 par (2,600,000...

Transcribed Image Text:

On January 1, 2025, Pharoah Inc. had these stockholders' equity balances. Common Stock, $1 par (2,600,000 shares authorized, 670,000 shares issued and outstanding) $670,000 Paid-in Capital in Excess of Par Retained Earnings Accumulated Other Comprehensive Income 1,675,000 680,000 51,000 During 2025, the following transactions and events occurred. 1. Issued 46,500 shares of $1 par value common stock for $4 per share. 2. Issued 55,000 shares of common stock for cash at $3 per share. 3. Purchased 17,900 shares of common stock for the treasury at $3.45 per share. 4. Declared and paid a cash dividend of $122,500. 5. Earned net income of $415,500. 6. Had other comprehensive income of $16,000. Prepare the stockholders' equity section of the balance sheet at December 31, 2025. (Enter account name only and do not provide descriptive information.) Stockholders' Equity PHAROAH INC. Partial Balance Sheet December 31, 2025 On January 1, 2025, Pharoah Inc. had these stockholders' equity balances. Common Stock, $1 par (2,600,000 shares authorized, 670,000 shares issued and outstanding) $670,000 Paid-in Capital in Excess of Par Retained Earnings Accumulated Other Comprehensive Income 1,675,000 680,000 51,000 During 2025, the following transactions and events occurred. 1. Issued 46,500 shares of $1 par value common stock for $4 per share. 2. Issued 55,000 shares of common stock for cash at $3 per share. 3. Purchased 17,900 shares of common stock for the treasury at $3.45 per share. 4. Declared and paid a cash dividend of $122,500. 5. Earned net income of $415,500. 6. Had other comprehensive income of $16,000. Prepare the stockholders' equity section of the balance sheet at December 31, 2025. (Enter account name only and do not provide descriptive information.) Stockholders' Equity PHAROAH INC. Partial Balance Sheet December 31, 2025

Answer rating: 100% (QA)

PHAROAH INC Partial Balance Sheet December 31 2025 Stockholders Equity Common Stock 1 par 2703400 sh... View the full answer