Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please explain the answers when you solve it. my teacher sucks --- thanks nf Pharoah Company. Liabilities and Stockholders' Equity Accounts payable Income taxes payable

please explain the answers when you solve it. my teacher sucks --- thanks
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
nf Pharoah Company. Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total Pharoah Company Income Statement For the Year Ended December 31, 2022 Sales revenue $242,500 Cost of goods sold 176,500 Income Statement For the Year Ended December 31, 2022 \begin{tabular}{lr} Sales revenue & $242,500 \\ Cost of goods sold & 176,500 \\ \hline Gross profit & 66,000 \end{tabular} Selling expenses $17,550 AdministrativeexpensesIncomefromoperations5,85023,40042,600 Interest expense Income before income taxes: Income tax expense Net income Additional data: 1. Depreciation expense was $16,500. 2. Dividends declared and paid were $27,460. 3. During the year equipment was sold for $8,600 cash. This equipment cost $18,300 originally and had accumulated depreciation of $9,700 at the time of sale. 4. Bonds were redeemed at their carrying value. 5. Common stock was issued at par for cash. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. - 15 , 000 or in parenthesis es. (15,000). Increase in Iriventory increase in Accounts Payable Decrease in income Taxes Payable. Net Cash Provided by Operating Activities Cashflows from investing Activities Sale of Equipment Net Cash Provided by Investing Activities Cash Flows from Financing Activities Issuance of Common Stock Redemption of Bonds Payment of Dividends Net Cash Used by Financing Activities Net Increase in Cash Cash at Beginning of Perjod Cash at End of Period

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting For Non-Accounting Students

Authors: John R. Dyson, Ellie Franklin

9th Edition

978-1292128979, 1292128976

More Books

Students also viewed these Accounting questions