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Assignment
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Condensed financial data of Pharoah Company follow.
Pharoah Company Comparative Balance Sheets December 31
Assets
2017
2016
Cash
$ 154,328
$ 92,444
Accounts receivable
167,698
72,580
Inventory
214,875
196,444
Prepaid expenses
54,244
49,660
Long-term investments
263,580
208,190
Plant assets
544,350
463,175
Accumulated depreciation
(95,500)
(99,320)
Total
$1,303,575
$983,173
Liabilities and Stockholders' Equity
Accounts payable
$ 194,820
$ 128,543
Accrued expenses payable
31,515
40,110
Bonds payable
210,100
278,860
Common stock
420,200
334,250
Retained earnings
446,940
201,410
Pharoah Company Income Statement Data For the Year Ended December 31, 2017
Sales revenue
$741,959
Less:
Cost of goods sold
$258,729
Operating expenses, excluding depreciation
23,703
Depreciation expense
88,815
Income tax expense
52,105
Interest expense
9,034
Loss on disposal of plant assets
14,325
446,711
Net income
$ 295,248
Additional information:
1. New plant assets costing $191,000 were purchased for cash during the year.
2. Old plant assets having an original cost of $109,825 and accumulated depreciation of $92,635 were sold for $2,865 cash.
3. Bonds payable matured and were paid off at face value for cash.
4. A cash dividend of $49,718 was declared and paid during the year.
Prepare a statement of cash flows 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).)
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