2020/12/31 2019/12/31

Current Assets:

Cash $6,100 $7,100

Accounts Receivable 61,500 51,000

Inventory 44,800 63,900

Total Current Assets 112,400 122,000

Property, Plant, and Equipment 155,200 129,900

Less: Accumulated Depreciation (35,200) (24,800)

Land 80,600 67,700

Total Assets $313,000 $294,800

Current Liabilities:

Accounts Payable 45,800 39,800

Wages Payable 12,000 9,900

Long Term Notes Payable 68,100 78,800

Total Liabilities 125,900 128,500

Stockholders' Equity:

Common Stock 130,000 130,000

Retained Earnings 57,100 36,300

Total Stockholders' Equity 187,100 166,300

Total Liabilities & Stockholders' Equity $313,000 $294,800

Sales Revenue $338,150 Additional Information:

Less Cost of Goods Sold 175,700 1)The company sold equipment that had an original cost of $20,200 and a book value of $6,060.

Gross Profit 162,450 2) There have been no sales of land during the year.

Operating Expenses (119,400) 3) Depreciation expense is included in operating expenses.

Operating Income 43,050 4) There have been no additional borrowings under the long term note payable.

Interest Expense (11,300) 5) There has been no repurchase of treasury stock.

Gain on Sale of Equipment 2,000 6) Dividends were declared and paid during 2020

Income Before Taxes 33,750

Less Income Tax Expense 6,750

Net Income $27,000

Pharoah Inc

Statement of Cash Flows

For the Year Ended 12/31/20

Cash From Operating Activities

Cash From Operating Activities

Cash From Investing Activities

Cash From Financing Activities

Net Change in Cash

Cash at Beginning of Period 7100

Cash at End of Period 6100

D 10 11 Pharoah Inc Balance Sheet and Income Statement Data 2020/12231 2009/12/21 $ 6 1005 61,500 44000 112 400 7.100 51 000 63.900 122000 155 200 (35.2001 10.600 313000 129.900 (24 800) 57700 294.800 $ > 14 15 Current Assets 15. Cash 17 Accounts Receivable 18 Inventory 19 Total Current Assets 20 21 Property, Plant and Equipment 22 Less Accumulated Depreciation 23 Land 24 Total Assets 25 26 Current Liabilities 27 Accounts Payable 28 Wages Payable 29 Long Term Notes Payable 30 Total Libilities 31 12 Stockholders Equity 33 Common Stock 34. Retained Earnings 35 Total Stockholders' Equity 36 Total Labies & Stockholders Equity 07 38 Sales Revenue 39 Less Cost of Goods Sold 40. Gross Profit 41 Operating Expenses 42 Operating Income 43 Interest Expense 14 Gain on Sale of Equipment 45 Income Before Taxes 46. tess Income Tax Expense 247 Net Income 45,000 12.000 6.19 125.900 39 800 9.900 78.809 128 500 130.000 57.100 187100 313.000 130,000 36,300 166,300 294.000 $ 338 150 175.700 162 450 019400 43,050 (11 300) 2000 33.750 027750 37.000 Additional Information: 1)The company sold equipment that had an orginal cost of $20,200 and a book value of $6,060 2) There have been no sales of land during the year 3) Depreciation expense is included in operating expenses 4) There have been no additional borrowings under the long term note payable 5) There has been no repurchase of treasury stock 6) Dividends were declared and paid during 2020 $ Cul information SCF Anw Pharoah Inc Statement of Cash Flows For the Year Ended 12/31/20 1 Name 3 4 5 6 7 8 Cash From Operating Activities 9 10 11 12 13 14 15 16 17 18 19 20 Cash From Investing Activities 21 22 23 24 25 26 27 Cash From Financing Activities 28 29 30 31 32 33 Net Change in Cash 34 35 36 4 38