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

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

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter10: Financial Statements And Reports

Section: Chapter Questions

Problem 3.3C

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