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PHAROAH COMPANY Balance Sheets December 31 Assets 2022 2021 Cash $ 71,600 $ 69,840 Debt investments (short-term) 54,000 39,000 Accounts receivable 107,000 90,000 Inventory 236,000
PHAROAH COMPANY Balance Sheets December 31 Assets 2022 2021 Cash $ 71,600 $ 69,840 Debt investments (short-term) 54,000 39,000 Accounts receivable 107,000 90,000 Inventory 236,000 162,000 Prepaid expenses 30,000 27,000 Land 133,000 133,000 Building and equipment (net) 260,000 188,000 Total assets $891,600 $708,840 Liabilities and Stockholders' Equity Notes payable $177,960 $106,000 Accounts payable 65,000 54,000 Accrued liabilities 42,000 42,000 Bonds payable, due 2025 250,000 171,000 Common stock, $10 par 209,000 209,000 Retained earnings 147,640 126,840 Total liabilities and stockholders' equity $891,600 $708,840 PHAROAH COMPANY Income Statements For the Years Ended December 31 2022 2021 Sales revenue $896,350 $787,600 Cost of goods sold 656,700 581,700 Gross profit 239,650 205,900 Operating expenses 185,869 158,644 Net income $ 53,781 $ 47,256 Additional information: 1. Inventory at the beginning of 2021 was $115,000. 2. Accounts receivable (net) at the beginning of 2021 were $89,000. 3. Total assets at the beginning of 2021 were $633,000. 4. No common stock transactions occurred during 2021 or 2022. 5. All sales were on account. 2022 2021 % Ch LIQUIDITY Current ratio :1 :1 Accounts receivables turnover times times Inventory turnover times times 2022 2021 % Change PROFITABILITY Profit margin % % Asset turnover times times Return on assets % % Earnings per share ta $
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