Question: The adjusted trial balance for Pharoahs Animations is presented below. PHAROAH COMPANY Adjusted Trial Balance December 31, 2021 Debit Credit Cash $3,400 Accounts receivable 4,700
The adjusted trial balance for Pharoahs Animations is presented below.
| PHAROAH COMPANY Adjusted Trial Balance December 31, 2021 | |||
|---|---|---|---|
| Debit | Credit | ||
| Cash | $3,400 | ||
| Accounts receivable | 4,700 | ||
| Prepaid expenses | 2,700 | ||
| Equipment | 49,000 | ||
| Accumulated depreciationequipment | $18,375 | ||
| Accounts payable | 6,000 | ||
| Unearned revenue | 10,800 | ||
| M. Pharoah, capital | 19,250 | ||
| M. Pharoah, drawings | 17,000 | ||
| Service revenue | 63,200 | ||
| Rent expense | 8,800 | ||
| Salaries expense | 23,600 | ||
| Supplies expense | 2,300 | ||
| Depreciation expense | 6,125 | ||
| $117,625 | $117,625 | ||
Prepare an income statement for the year. Mr. Pharoah invested $5,200 cash in the business during the year. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Prepare a statement of owners equity for the year. Mr. Pharoah invested $5,200 cash in the business during the year. (List items that increase owner's equity first.)
Prepare a classified balance sheet at December 31, 2021. (List Current Assets in order of liquidity.)
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