On June 1, 2022, Pharoah Company was started with an initial investment in the company of $21,450 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2022, and the revenues and expenses for the month of June, its first month of operations:
Cash $4890 Notes payable $12580
Accounts receivable 4460 Accounts payable 960
Service revenue 7800 Supplies expense 1110
Supplies 2314 Maintenance and repairs expense 680
Advertising expense 400 Utilities expense 220
Equipment 25,900 Salaries and wages expense 1100
Common stock 21450
During June, the company issued no additional stock but paid dividends of $1,716.
Required:
Calculate Income Statement, Statement of Retained Earnings, and Balance Sheet.
Answers: 3
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On June 1, 2022, Pharoah Company was started with an initial investment in the company of $21,450 ca...
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