Question

The adjusted trial balance for Pharoah Fishing Centre is as follows: PHAROAH FISHING CENTRE Adjusted Trial...

The adjusted trial balance for Pharoah Fishing Centre is as follows:

PHAROAH FISHING CENTRE
Adjusted Trial Balance
March 31, 2021

Debit

Credit

Cash $7,600
Interest receivable 650
Supplies 1,550
Long-term investments 32,000
Land 45,000
Building 195,000
Accumulated depreciation—building $31,000
Equipment 35,000
Accumulated depreciation—equipment 17,500
Accounts payable 6,500
Interest payable 1,010
Unearned revenue 2,100
Notes payable ($6,000 must be paid in February, 2022) 65,800
R. Falkner, capital 172,040
R. Falkner, drawings 47,000
Service revenue 125,600
Interest revenue 1,200
Depreciation expense 9,800
Interest expense 4,050
Insurance expense 4,700
Salaries expense 29,500
Supplies expense 5,800
Utilities expense 5,100
$422,750 $422,750

(a)

Prepare an income statement for the year ended March 31, 2021.

Homework Answers

Answer #1

Answer-a)-

PHAROAH FISHING CENTRE
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31,2021
PARTICULARS AMOUNT
$
Revenues 126800
Service Revenue 125600
Interest revenue 1200
Less-Expenses
Salaries expense 29500
Supplies expense 5800
Interest expense 4050
Insurance expense 4700
Utilities expense 5100
Depreciation expense 9800
Total expenses 58950
Net profit 67850
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The adjusted trial balance for Pharoah Fishing Centre is as follows: PHAROAH FISHING CENTRE Adjusted Trial...
The adjusted trial balance for Pharoah Fishing Centre is as follows: PHAROAH FISHING CENTRE Adjusted Trial Balance March 31, 2021 Debit Credit Cash $7,600 Interest receivable 650 Supplies 1,550 Long-term investments 32,000 Land 45,000 Building 195,000 Accumulated depreciation—building $31,000 Equipment 35,000 Accumulated depreciation—equipment 17,500 Accounts payable 6,500 Interest payable 1,010 Unearned revenue 2,100 Notes payable ($6,000 must be paid in February, 2022) 65,800 R. Falkner, capital 172,040 R. Falkner, drawings 47,000 Service revenue 125,600 Interest revenue 1,200 Depreciation expense 9,800...
MARINE FISHING CENTRE Adjusted Trial Balance March 31, 2017 Debit Credit Cash $ 7,720 Interest Receivable...
MARINE FISHING CENTRE Adjusted Trial Balance March 31, 2017 Debit Credit Cash $ 7,720 Interest Receivable 750 Supplies 1,425 Debt Investments 30,000 Land 46,800 Building 186,900 Accumulated depreciation—building $ 31,150 Equipment 36,200 Accumulated depreciation—equipment 18,100 Accounts Payable 5,875 Interest Payable 990 Unearned Revenue 2,190 Notes payable ($6,000 must be paid in 2018) 66,000 R. Falkner, Capital 165,300 R. Falkner, Drawings 46,200 Service Revenue 124,300 Interest Revenue 1,500 Depreciation Expense 9,850 Interest Expense 3,960 Insurance Expense 4,500 Salaries Expense 30,000 Supplies...
The adjusted trial balance for Pharoah Golf Club at its October 31, 2021, year end included...
The adjusted trial balance for Pharoah Golf Club at its October 31, 2021, year end included the following: Debit Credit Cash $7,500 Prepaid expenses 3,000 Equipment 65,000 Accumulated depreciation—equipment $15,000 Accounts payable 14,000 Unearned revenue 1,500 N. Pharoah, capital 65,200 N. Pharoah, drawings 45,700 Service revenue 130,700 Repairs expense 23,000 Rent expense 10,000 Salaries expense 72,200 Prepare closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No...
The adjusted trial balance of Wu Delivery Services, prepared in alphabetical order follows. WU DELIVERY SERVICES...
The adjusted trial balance of Wu Delivery Services, prepared in alphabetical order follows. WU DELIVERY SERVICES Adjusted Trial Balance December 31, 2017 Debit Credit Accounts Payable $3,420 Accounts Receivable $2,000 Accumulated Depreciation – Equipment 18,864 Cash 12,600 D. Wu, Capital 7,800 D. Wu, Drawings 1,200 Equipment 39,300 Depreciation Expense 1,200 Insurance Expense 1,200 Interest Expense 240 Interest Payable 100 Prepaid Insurance 1,800 Salaries Expense 12,200 Salaries Payable 1,100 Service Revenue 44,616 Supplies 690 Supplies Expense 1,680 Repairs Expense 770 Utilities...
The following is the Bravo Unlimited adjusted Trial Balance. Bravo Unlimited Adjusted Trial Balance December 31,...
The following is the Bravo Unlimited adjusted Trial Balance. Bravo Unlimited Adjusted Trial Balance December 31, 2016 Account Title Debit Credit Cash $88,450 Accounts Receivable 331,860 Supplies 13,255 Prepaid Rent 10,500 Equipment 295,285 Accumulated Depreciation $236,760 Accounts Payable 75,555 Wages Payable 14,000 Capital Stock 220,000 Retained Earnings 111,145 Service Revenue 900,105 Interest Income 1,500 Rent Expense 64,000 Wages Expense 541,260 Supplies Expense 42,520   Utilities Expense 8,595 Depreciation Expense 156,500   Interest Expense 6,840 _________      Totals $1,559,065 $1,559,065 Prepare the general...
The following is the Bravo Unlimited adjusted Trial Balance. Bravo Unlimited Adjusted Trial Balance December 31,...
The following is the Bravo Unlimited adjusted Trial Balance. Bravo Unlimited Adjusted Trial Balance December 31, 2016 Account Title Debit Credit Cash $88,450 Accounts Receivable 331,860 Supplies 10,255 Prepaid Rent 8,250 Equipment 295,285 Accumulated Depreciation $235,260 Accounts Payable 72,555 Wages Payable 10,000 Capital Stock 220,000 Retained Earnings 111,145 Service Revenue 897,105 Interest Income 1,500 Rent Expense 63,250 Wages Expense 537,260 Supplies Expense 42,520   Utilities Expense 8,595 Depreciation Expense 155,000   Interest Expense 6,840 ________      Totals $1,547,565 $1,547,565 Prepare the general...
The adjusted trial balance of JT Music Production, Inc. follows JT Music Productions, Inc Adjusted Trial...
The adjusted trial balance of JT Music Production, Inc. follows JT Music Productions, Inc Adjusted Trial Balance December 31 Cash 55,000 Supplies 5,000 Prepaid Insurance 10,000 Studio Equipment 75,000 Accumulated Depreciation-Studio Equipment 10,000 Accounts Payable 5,000 JT, Capital 100,000 JT, withdrawals 7,000 Revenue 65,000 Salaries expense 5,000 Depreciation expense 5,000 Rent expense 10,000 Supplies expense 2,000 Utilities expense 5,000 Insurance expense 11,000 Totals 190,000 190,000 a) prepare the closing entries for JT Music Productions, Inc b) What is the balance...
The following is the Easton Company's adjusted Trial Balance . Easton Company Adjusted Trial Balance December...
The following is the Easton Company's adjusted Trial Balance . Easton Company Adjusted Trial Balance December 31, 2018 Account Title Debit Credit Cash $88,665 Accounts Receivable 232,000 Supplies 17,000 Equipment 395,000 Accumulated Depreciation $224,260 Accounts Payable 72,555 Capital Stock 220,000 Retained Earnings 127,145 Service Revenue 877,105 Interest Income 5,500 Dividends 7,000 Rent Expense 59,900 Wages Expense 529,000 Supplies Expense 40,000 Utilities Expense 8,000 Depreciation Expense 150,000 ________ Totals $1,526,565 $1,526,565 Use this information to prepare the Balance Sheet for the...
Chop Shop PTY LTD Adjusted trial balance As at 31 October 2019 Account name Debit Credit...
Chop Shop PTY LTD Adjusted trial balance As at 31 October 2019 Account name Debit Credit Cash $15,400 Supplies 1,550 Equipment 5,000 Accumulated depreciation 40 Accounts payable 2,550 Salaries payable 2,000 Bank loan (non-current) 5,000 Share capital 10,000 Retained earnings 0 Dividends 500 Service revenue 10,600 Salaries expense 7,650 Interest expense 50 Depreciation expense 40 $30,190 $30,190 a. Prepare a Profit or Loss Statement b. Prepare a Balance Sheet
The adjusted trial balance columns of the worksheet for Martinez Company are as follows. Martinez Company...
The adjusted trial balance columns of the worksheet for Martinez Company are as follows. Martinez Company Worksheet For the Year Ended December 31, 2019 Adjusted Trial Balance Account No. Account Titles Dr. Cr. 101 Cash 5,300 112 Accounts Receivable 10,700 126 Supplies 1,600 130 Prepaid Insurance 1,900 157 Equipment 27,500 158 Accumulated Depreciation—Equipment 5,100 200 Notes Payable 14,000 201 Accounts Payable 6,100 212 Salaries and Wages Payable 2,100 230 Interest Payable 700 311 Common Stock 9,900 320 Retained Earnings 3,400...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT