Reference no: EM132331626
Question
Condensed financial data of Pharoah Company for 2017 and 2016 are presented below.
PHAROAH COMPANY
COMPARATIVE BALANCE SHEET
AS OF DECEMBER 31, 2017 AND 2016
2017 2016
Cash$1,790 $1,150
Receivables1,780 1,330
Inventory1,620 1,890
Plant assets1,930 1,700
Accumulated depreciation(1,200 ) (1,180)
Long-term investments (held-to-maturity)1,310 1,420
$7,230 $6,310
Accounts payable$1,210 $920
Accrued liabilities210 240
Bonds payable1,370 1,530
Common stock1,860 1,670
Retained earnings2,580 1,950
$7,230 $6,310
PHAROAH COMPANY INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2017
Sales revenue$6,970
Cost of goods sold4,680
Gross margin2,290
Selling and administrative expenses940
Income from operations1,350
Other revenues and gains Gain on sale of investments80
Income before tax1,430
Income tax expense540
Net income890
Cash dividends260
Income retained in business$630
Additional information:
During the year, $70 of common stock was issued in exchange for plant assets. No plant assets were sold in 2017.
Prepare statement of cash flows using the indirect method.
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