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Condensed financial data of Pharoah Company for 2020 and 2019 are presented below PHAROAH COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019
Condensed financial data of Pharoah Company for 2020 and 2019 are presented below PHAROAH COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 Cash Receivables Inventory Plant assets Accumulated depreciation Long-term investments (held-to-maturity) 2020 2019 $1,790 $1.170 1780 1.310 1.580 1.900 1.900 1720 (1180) (1.140) 1.310 1420 $7.180 $6.380 Accounts payable $1,220 $880 Accrued liabilities 210 240 Bonds payable 1.380 1.550 Common stock 1930 1,660 Retained earnings 2.440 2050 $7.180 $6,380 PHAROAH COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue Cost of goods sold Gross margin Selling and administrative expenses Income from operations Other revenues and gains $6,690 4,650 2.040 1.110 Gain on sale of investments Income before tax Income tax expense Net Income Cash dividends Income retained in business Additional Information: 1.200 8 a * $390 During the year. $70 of common stock was issued in exchange for plant assets. No plant assets were sold in 2020. Prepare a statement of cash flows using the indirect method (Show mounts that decrease cash flow with either a sign eg-15,000 or in parenthesis es (15,000)
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