essment.player/index.htmirlaunchidd72eed1b-82b1-4 af50-925819156 mual Problem 1(V.2) Question 1 of 1 The comparative balance sheets for Pharoah Company as of December 31 are presented belo Pharoah Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $55.760 $36.900 Accounts receivable 41,000 47.560 Inventory 124.189 116.440 Prepaid expenses 12.530 17.220 Land 118.900 106.600 Buildings 164,000 164.000 Accumulated depreciation buildings 199 200 (32.800 Equipment 184500 127.100 Accumulated depreciationnement 136.900 25706 Tybe here to search O O e 9 VALS & 3 5 6 7 8 Problem 1(V.2) Question 1 of 1 Pharoah Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $ 55,760 $36,900 Accounts receivable 41,000 47.560 Inventory 124.189 116,440 Prepaid expenses 12.530 17,220 Land 118.900 106.600 164.000 264.000 Buildings Accumulated depreciation-buildings 149.200 (32.800 Equipment 184309 127 100 Accumulated depreciation couleront 136.900 28.700 Total 5634779 3554,320 e here to search e Question 1 of 1 Liabilities and Stockholders' Equity Accounts payable $36,679 $ 29,520 Bonds payable 246.000 246.000 Common stock. $1 par 164.000 131.200 Retained earnings 168.100 147,600 Total $614,779 $554,320 Additional information: Operating expenses include depreciation expense of $34.440 (516.400 of equipment). 21 Land was sold for cash at book value Cashi dividends of $9.840 were paid Netincome for 2022 was 530 340/ Eclatent was purchased for 57540 cash in additionalment costing 5 e to search O Additional information: 1. 2 2. 3. Operating expenses include depreciation expense of $34,440 ($16,400 of depreciation expense for buildings and $18,040 for equipment). Land was sold for cash at book value. Cash dividends of $9.840 were paid. Net income for 2022 was $30,340. Equipment was purchased for $75.440 cash. In addition, equipment costing $18.040 with a book value of $8.200 was sold for $6,560 cash 32,800 shares of $1 par value common stock were issued in exchange for land with a fair value of $32,800. 4. 5. 6. Prepare a statement of cash flows for the year ended December 31, 2022 using the indirect method (Show amounts that decrease cash flow with either a-signeg.-15,000 or in parenthesis eg. (15.000L) a search CE 62 F Haze Pharoah Company Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net Income $ 30340 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense $ 34440 Loss on Disposal of Plant Assets 1640 Decrease in Accounts Receivable