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Gross profit Depreciation expense Other operating expenses Income from operations Loss on equipment disposal Income before income taxes Income tax expense Net income Additional information: 137,700 7,740 102,600 27,360 1,260 26,100 8,820 $17,280 4

Gross profit Depreciation expense Other operating expenses Income from operations Loss on equipment disposal Income before income taxes Income tax expense Net income Additional information: 137,700 7,740 102,600 27,360 1,260 26,100 8,820 $17,280 4

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Sales Cost of goods sold Gross profit Depreciation expense Other operating expenses Income from operations Loss on equipment disposal Income before income taxes Income tax expense Net income Additional information: a. b. C d. e. 2022 $268,200 130,500 137,700 7,740 102,600 27,360 1.260 26,100 8,820 $17,280 W In 2022, Pharoah declared and paid a cash dividend of $15,480. The company issued $31,500 of bonds at a discount for cash.. Equipment with a cost of $15,300 and a book value of $3,870 was sold for cash. New equipment was acquired for cash. The company issued stock for cash. Prepaid expenses pertain to operating expenses; accounts payable is only used for merchandise purchases. Prepare a statement of cash flows in proper form for 2022, using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).)
Transcribed Image Text:Sales Cost of goods sold Gross profit Depreciation expense Other operating expenses Income from operations Loss on equipment disposal Income before income taxes Income tax expense Net income Additional information: a. b. C d. e. 2022 $268,200 130,500 137,700 7,740 102,600 27,360 1.260 26,100 8,820 $17,280 W In 2022, Pharoah declared and paid a cash dividend of $15,480. The company issued $31,500 of bonds at a discount for cash.. Equipment with a cost of $15,300 and a book value of $3,870 was sold for cash. New equipment was acquired for cash. The company issued stock for cash. Prepaid expenses pertain to operating expenses; accounts payable is only used for merchandise purchases. Prepare a statement of cash flows in proper form for 2022, using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).)
Presented below is information for 2022 and 2021 related to the operations of Pharoah Electronics. Cash Accounts receivable Inventory Prepaid expenses Land Equipment Accumulated depreciation Total Accounts payable Wages payable Bonds payable Common stock Retained earnings Total Sales Cost of goods sold Gross profit Depreciation expense Other operating expenses December 31 2022 $29,160 24,120 21,150 1,890. 40,500 111,600 14,220 $214,200 $29,160 9.900 31,500 98,100 45,540 $214,200 2022 $268,200 130,500 137,700 7,740 102.600 2021 $23,850 20,880 30,600 2,610 40,500 88,290 17.910 $188,820 $41,850 8,730 0 94,500 43,740 $188,820 W
Transcribed Image Text:Presented below is information for 2022 and 2021 related to the operations of Pharoah Electronics. Cash Accounts receivable Inventory Prepaid expenses Land Equipment Accumulated depreciation Total Accounts payable Wages payable Bonds payable Common stock Retained earnings Total Sales Cost of goods sold Gross profit Depreciation expense Other operating expenses December 31 2022 $29,160 24,120 21,150 1,890. 40,500 111,600 14,220 $214,200 $29,160 9.900 31,500 98,100 45,540 $214,200 2022 $268,200 130,500 137,700 7,740 102.600 2021 $23,850 20,880 30,600 2,610 40,500 88,290 17.910 $188,820 $41,850 8,730 0 94,500 43,740 $188,820 W
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