CHAPTER 12 HOME X https://learn.wikeyplus.com/courses/36381/assignments/5079150 Collaborations Pharoah Company Comparative Balance Sheets WileyPLUSSupport December 31 Change Increase/Decrease Assets 2022 2021 Cash $41,300 $25,200 $16,100 Increase Accounts receivable 43,400 15.400 28,000 Increase Inventory 30,800 -0- 30,800 Increase Prepaid expenses 4,200 2,800 1,400 Increase Land 38,500 49,000 10,500 Decrease Buildings 140.000 140,000 -0- Accumulated depreciation-buildings (14,700) (9,800) 4,900 Increase Equipment 128.100 47,600 80,500 Increase Accumulated depreciation-equipment (19,600) (7,000) 12,600 Increase Totals $392,000 $263,200 Liabilities and Stockholders' Equity Accounts payable $30,100 $28,000 $2,100 Increase Accrued expenses payable 0. 7,000 7,000 Decrease Bonds payable 70,000 105,000 35,000 Decrease ராாமா 5tck(1rar 161,000 42,000 119,000 Increase Retained earnings 130,900 81,200 49,700 Increase Totals 392,000 $263,200 Pharoah Company Income Statement For the Year Ended December 31, 2022 Sales revenue $658,700 Cost of goods sold $332,500 Operating expenses 161,700 Type here to search AT 23 F2 F3 F4 F5 F6 F7 F8 F9 F10 F11 II weCHAPTER 12 HOME X https://learm.wileyplus.com/courses/36381/assignments/5079150 STS1OL Pharoah Company Income Statement For the Year Ended December 31, 2022 Sales revenue $658,700 Cost of goods sold $332.500 Operating expenses 161,700 Interest expense 8,400 Loss on disposal of equipment 1,400 504,000 Income before income taxes 154,700 Income tax expense 45,500 Net income $109,200 Additional information: 1. Operating expenses include depreciation expense of $28,000. 2. Land was sold at its book value for cash. 3. Cash dividends of $59.500 were declared and paid in 2022. 4. Equipment with a cost of $116.200 was purchased for cash. Equipment with a cost of $35,700 and a book value of $25,200 was sold for $23,800 cash. 5. Bonds of $35,000 were redeemed at their face value for cash. 6. Common stock ($1 par) of $119.000 was issued for cash. Use this information to prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign eg-15,000 or in Pharoah Company Statement of Cash Flows-Indirect Method Adjustments to reconcile net income to e here to search F5 F6 F7 F8 F9 F10 F11 F2 F3 F4

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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CHAPTER 12 HOME X
https://learn.wikeyplus.com/courses/36381/assignments/5079150
Collaborations
Pharoah Company
Comparative Balance Sheets
WileyPLUSSupport
December 31
Change
Increase/Decrease
Assets
2022
2021
Cash
$41,300
$25,200
$16,100 Increase
Accounts receivable
43,400
15.400
28,000 Increase
Inventory
30,800
-0-
30,800 Increase
Prepaid expenses
4,200
2,800
1,400 Increase
Land
38,500
49,000
10,500 Decrease
Buildings
140.000
140,000
-0-
Accumulated depreciation-buildings
(14,700)
(9,800)
4,900 Increase
Equipment
128.100
47,600
80,500 Increase
Accumulated depreciation-equipment
(19,600)
(7,000)
12,600 Increase
Totals
$392,000 $263,200
Liabilities and Stockholders' Equity
Accounts payable
$30,100
$28,000
$2,100 Increase
Accrued expenses payable
0.
7,000
7,000 Decrease
Bonds payable
70,000
105,000
35,000 Decrease
ராாமா 5tck(1rar
161,000
42,000
119,000 Increase
Retained earnings
130,900
81,200
49,700 Increase
Totals
392,000 $263,200
Pharoah Company
Income Statement
For the Year Ended December 31, 2022
Sales revenue
$658,700
Cost of goods sold
$332,500
Operating expenses
161,700
Type here to search
AT
23
F2
F3
F4
F5
F6
F7
F8
F9
F10
F11
II
Transcribed Image Text:CHAPTER 12 HOME X https://learn.wikeyplus.com/courses/36381/assignments/5079150 Collaborations Pharoah Company Comparative Balance Sheets WileyPLUSSupport December 31 Change Increase/Decrease Assets 2022 2021 Cash $41,300 $25,200 $16,100 Increase Accounts receivable 43,400 15.400 28,000 Increase Inventory 30,800 -0- 30,800 Increase Prepaid expenses 4,200 2,800 1,400 Increase Land 38,500 49,000 10,500 Decrease Buildings 140.000 140,000 -0- Accumulated depreciation-buildings (14,700) (9,800) 4,900 Increase Equipment 128.100 47,600 80,500 Increase Accumulated depreciation-equipment (19,600) (7,000) 12,600 Increase Totals $392,000 $263,200 Liabilities and Stockholders' Equity Accounts payable $30,100 $28,000 $2,100 Increase Accrued expenses payable 0. 7,000 7,000 Decrease Bonds payable 70,000 105,000 35,000 Decrease ராாமா 5tck(1rar 161,000 42,000 119,000 Increase Retained earnings 130,900 81,200 49,700 Increase Totals 392,000 $263,200 Pharoah Company Income Statement For the Year Ended December 31, 2022 Sales revenue $658,700 Cost of goods sold $332,500 Operating expenses 161,700 Type here to search AT 23 F2 F3 F4 F5 F6 F7 F8 F9 F10 F11 II
weCHAPTER 12 HOME X
https://learm.wileyplus.com/courses/36381/assignments/5079150
STS1OL
Pharoah Company
Income Statement
For the Year Ended December 31, 2022
Sales revenue
$658,700
Cost of goods sold
$332.500
Operating expenses
161,700
Interest expense
8,400
Loss on disposal of equipment
1,400 504,000
Income before income taxes
154,700
Income tax expense
45,500
Net income
$109,200
Additional information:
1. Operating expenses include depreciation expense of $28,000.
2. Land was sold at its book value for cash.
3. Cash dividends of $59.500 were declared and paid in 2022.
4. Equipment with a cost of $116.200 was purchased for cash. Equipment with a cost of $35,700 and a book value of $25,200 was sold for $23,800 cash.
5. Bonds of $35,000 were redeemed at their face value for cash.
6. Common stock ($1 par) of $119.000 was issued for cash.
Use this information to prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign eg-15,000 or in
Pharoah Company
Statement of Cash Flows-Indirect Method
Adjustments to reconcile net income to
e here to search
F5
F6
F7
F8
F9
F10
F11
F2
F3
F4
Transcribed Image Text:weCHAPTER 12 HOME X https://learm.wileyplus.com/courses/36381/assignments/5079150 STS1OL Pharoah Company Income Statement For the Year Ended December 31, 2022 Sales revenue $658,700 Cost of goods sold $332.500 Operating expenses 161,700 Interest expense 8,400 Loss on disposal of equipment 1,400 504,000 Income before income taxes 154,700 Income tax expense 45,500 Net income $109,200 Additional information: 1. Operating expenses include depreciation expense of $28,000. 2. Land was sold at its book value for cash. 3. Cash dividends of $59.500 were declared and paid in 2022. 4. Equipment with a cost of $116.200 was purchased for cash. Equipment with a cost of $35,700 and a book value of $25,200 was sold for $23,800 cash. 5. Bonds of $35,000 were redeemed at their face value for cash. 6. Common stock ($1 par) of $119.000 was issued for cash. Use this information to prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign eg-15,000 or in Pharoah Company Statement of Cash Flows-Indirect Method Adjustments to reconcile net income to e here to search F5 F6 F7 F8 F9 F10 F11 F2 F3 F4
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