Pharoah IncBalance Sheet and Income Statement Data12/31/2012/31/19Current Assets:Cash$6,100$7,100Accounts Receivable61,50051,000Inventory44,80063,900Total Current Assets112,400122,000Property, Plant, and Equipment155,200129,900Less: Accumulated Depreciation(35,200)(24,800)Land80,60067,700Total Assets$313,000$294,800Current Liabilities:Accounts Payable45,80039,800Wages Payable12,0009,900Long Term Notes Payable68,10078,800Total Liabilities125,900128,500Stockholders' Equity:Common Stock130,000130,000Retained Earnings57,10036,300Total Stockholders' Equity187,100166,300Total Liabilities & Stockholders' Equity$313,000$294,800Sales Revenue$338,150

Additional Information:Less Cost of Goods Sold175,7001)The company sold equipment that had an original cost of $20,200 and a book value of $6,060.Gross Profit162,4502) There have been no sales of land during the year.Operating Expenses(119,400)3) Depreciation expense is included in operating expenses.Operating Income43,0504) 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 Equipment2,0006) Dividends were declared and paid during 2020Income Before Taxes33,750Less Income Tax Expense6,750Net Income$27,000

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