Pharoah Ltd. is a Canadian private company following ASPE. Following are the partial trial balances for...

Transcribed Image Text:

Pharoah Ltd. is a Canadian private company following ASPE. Following are the partial trial balances for Pharoah as at December 31: Accounts receivable Salaries and wages payable Income taxes payable Prepaid insurance Accumulated depreciation Interest payable Net Income/(Loss) 2021 $52,500 Expenses 14,600 12,000 8,500 91,500 3,000 During 2021, Pharoah collected $397,000 in cash from its customers. Pharoah also paid out cash of $155,000 for salaries and wages, $69,000 for income taxes, $38,500 for insurance, and $25,600 for interest. Prepare a single-step income statement for Pharoah Ltd. for the year ended December 31, 2021. Pharoah Ltd. Income Statement For the year ended December 31, 2021 2020 $33,000 25,600 18,600 4.500 76,800 8,900 397000 During 2021, Pharoah collected $397,000 in cash from its customers. Pharoah also paid out cash of $155,000 for salaries and wages, $69,000 for income taxes, $38,500 for insurance, and $25,600 for interest. Prepare a single-step income statement for Pharoah Ltd. for the year ended December 31, 2021. Net Income /(Loss) Expenses Salaries and Wages Expense Pharoah Ltd. Income Statement For the year ended December 31, 2021 MacBook Pro I 155000 397000 Pharoah Ltd. is a Canadian private company following ASPE. Following are the partial trial balances for Pharoah as at December 31: Accounts receivable Salaries and wages payable Income taxes payable Prepaid insurance Accumulated depreciation Interest payable Net Income/(Loss) 2021 $52,500 Expenses 14,600 12,000 8,500 91,500 3,000 During 2021, Pharoah collected $397,000 in cash from its customers. Pharoah also paid out cash of $155,000 for salaries and wages, $69,000 for income taxes, $38,500 for insurance, and $25,600 for interest. Prepare a single-step income statement for Pharoah Ltd. for the year ended December 31, 2021. Pharoah Ltd. Income Statement For the year ended December 31, 2021 2020 $33,000 25,600 18,600 4.500 76,800 8,900 397000 During 2021, Pharoah collected $397,000 in cash from its customers. Pharoah also paid out cash of $155,000 for salaries and wages, $69,000 for income taxes, $38,500 for insurance, and $25,600 for interest. Prepare a single-step income statement for Pharoah Ltd. for the year ended December 31, 2021. Net Income /(Loss) Expenses Salaries and Wages Expense Pharoah Ltd. Income Statement For the year ended December 31, 2021 MacBook Pro I 155000 397000

Answer rating: 100% (QA)

Pharoah Ltd Income Statement For the Year Ended December 312021 Sales Revenue WN1 Less Expenses Sala... View the full answer