The following account balances were included in the trial balance of Pharoah Corporation at June 30, 2017.

Sales revenue		$1,594,320		Depreciation expense (office furniture and equipment)		$7,213
Sales discounts		32,400		Property tax expense		7,949
Cost of goods sold		906,600		Bad debt expense (selling)		5,170
Salaries and wages expense (sales)		57,560		Maintenance and repairs expense (administration)		8,340
Sales commissions		99,250		Office expense		5,520
Travel expense (salespersons)		34,000		Sales returns and allowances		65,164
Delivery expense		22,840		Dividends received		40,670
Entertainment expense		15,080		Interest expense		16,990
Telephone and Internet expense (sales)		9,150		Income tax expense		94,080
Depreciation expense (sales equipment)		5,251		Depreciation understatement due to error—2014 (net of tax)		19,148
Maintenance and repairs expense (sales)		5,702		Dividends declared on preferred stock		9,030
Miscellaneous selling expenses		4,605		Dividends declared on common stock		36,450
Office supplies used		3,287
Telephone and Internet expense (administration)		2,703

The Retained Earnings account had a balance of $332,700 at July 1, 2016. There are 75,210 shares of

Answer rating: 100% (QA)

PHAROAH CORPORATION INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE 2017 Sales Sales revenue 1594320 Les... View the full answer