The adjusted trial balance of Pharoah Company at December 31, 2022, includes the following accounts: Owner's Capital $17,100, Owner's Drawings $7,900, Service Revenue $36,900, Salaries and Wages Expense $16,800, Insurance Expense $1,500, Rent Expense $3,800, Supplies Expense $1,800, and Depreciation Expense $1,300. The balance in Owner's Capital is the balance as of January 1. Prepare an owner's equity statement for the year assuming net income is $11,700 for the year. (List items that increase owner's equity first.)

The adjusted trial balance of Pharoah Company at December 31, 2022, includes the following accounts: Owner's Capital $17,100, Owner's Drawings $7,900, Service Revenue $36,900, Salaries and Wages Expense $16,800, Insurance Expense $1,500, Rent Expense $3,800, Supplies Expense $1,800, and Depreciation Expense $1,300. The balance in Owner's Capital is the balance as of January 1. Prepare an owner's equity statement for the year assuming net income is $11,700 for the year. (List items that increase owner's equity first.)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 8RE: At the end of 2019, Framber Company received 8,000 as a prepayment for renting a building to a...

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