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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.
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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
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