PHAROAH FASHION RETAILERS, INC. has the following data for the year ended December 31, 2022: Retained...

 

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PHAROAH FASHION RETAILERS, INC. has the following data for the year ended December 31, 2022: Retained Earnings Dividends Common Shares Dividends Preferred Shares Sales Revenue Gain on disposal of discontinued operation Cost of goods sold Administrative Expenses Loss on the Sale of Plant Asset Dividends Revenue Selling Expenses Unrealized loss on available-for-sale equity investment Salaries and Wages expense was understated in 2021 Tax rate on all items Shares of common stock outstanding Shares of Preferred stock outstanding Instructions 1. Prepare a multiple-step income statement for the year 2022 2. Prepare a statement of Comprehensive Income for the year 2022 3. Prepare a statement of Retained Earnings for the year 2022 4. Prepare all required closing entries $ S S S $ $ $ S $ $ $ $ 72,000 25,900 20,000 503,700 30,000 255,600 20,800 14,500 6,000 26,600 17,000 19,000 30% 100,000 50,000 PHAROAH FASHION RETAILERS, INC. has the following data for the year ended December 31, 2022: Retained Earnings Dividends Common Shares Dividends Preferred Shares Sales Revenue Gain on disposal of discontinued operation Cost of goods sold Administrative Expenses Loss on the Sale of Plant Asset Dividends Revenue Selling Expenses Unrealized loss on available-for-sale equity investment Salaries and Wages expense was understated in 2021 Tax rate on all items Shares of common stock outstanding Shares of Preferred stock outstanding Instructions 1. Prepare a multiple-step income statement for the year 2022 2. Prepare a statement of Comprehensive Income for the year 2022 3. Prepare a statement of Retained Earnings for the year 2022 4. Prepare all required closing entries $ S S S $ $ $ S $ $ $ $ 72,000 25,900 20,000 503,700 30,000 255,600 20,800 14,500 6,000 26,600 17,000 19,000 30% 100,000 50,000

Answer rating: 100% (QA)

Q1 MultipleStep Income Statement for the year 2022 Sales Revenue 503700 Cost of goods sold 255600 Gr... View the full answer