Pharoah Company Balance Sheets December 31 2022 2021 Assets Cash $ 121,100 $ 112,450 95,150 69,200 Debt investments (short-term) Accounts receivable (net) 179,920 155,700 397,900 285,450 Inventory Prepaid expenses 43,250 39,790 Land 224,900 224,900 Building and equipment (net) 449,800 320,050 Total assets $ 1,512,020 $ 1,207,540 Liabilities and Stockholders' Equity Notes payable (current) $ 294,100 $207,600 Accounts payable 112,450 89.960 Accrued liabilities 69,200 69,200 Total assets $ 1,512,020 $ 1,207,540 Liabilities and Stockholders' Equity Notes payable (current) $ 294,100 $207,600 Accounts payable 112,450 89.960 Accrued liabilities 69,200 69,200 Bonds payable, due 2025 432,500 294,100 Common stock, $10 par 346,000 346,000 Retained earnings 257.770 200,680 Total liabilities and stockholders' equity $ 1,512,020 $ 1,207,540 Income Statement For the Years Ended December 31 2022 2021 Net sales $ 1,525,860 $ 1,366,700 Cost of goods sold 1,107,200 994,750 Gross profit 418,660 371.950 Operating expenses 328,700 288,910 Net income $ 89,960 $ 83,040 Additional information: 1. Inventory at the beginning of 2021 was $ 198,950. 2. Accounts receivable (net) at the beginning of 2021 were $ 148.780. 3. Total assets at the beginning of 2021 were $ 1,141,800. 4. No common stock transactions occurred during 2021 or 2022. 5. All sales were on credit. uestion 3 of 3