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Prepare a Statement of Cash Flows Condensed financial data of Pharoah Company follow. Pharoah Company Comparative Balance Sheets December 31 2016 Assets 2017 154,328 92,444
Prepare a Statement of Cash Flows
Condensed financial data of Pharoah Company follow. Pharoah Company Comparative Balance Sheets December 31 2016 Assets 2017 154,328 92,444 Cash 167,698 72,580 Accounts receivable 214,875 Inventory 196,444 54,244 49,660 Prepaid expenses 263,580 208,190 Long-term investments 544,350 463,175 Plant assets (95,500) (99,320) Accumulated depreciation $1,303,575 $983,173 Total Liabilities and Stockholders' Equity Accounts payable 128,543 194,820 31,515 40,110 Accrued expenses payable 210,100 278,860 Bonds payable 420,200 334,250 Common stock 446,940 201,410 Retained earnings $983,173 $1,303,575 Total Pharoah Company Income Statement Data For the Year Ended December 31, 2017 $741,959 Sales revenue Less: $258,729 Cost of goods sold 23,703 Operating expenses, excluding depreciation 88,815 Depreciation expense 52,105 Income tax expense 9,034 Interest expense 14,325 446,711 Loss on disposal of plant assets $295,248 Net income Additional information: 1. New plant assets costing $191,000 were purchased for cash during the year 2. Old plant assets having an original cost of $109,825 and accumulated depreciation of $92,635 were sold for $2,865 cash 3. Bonds payable matured and were paid off at face value for cash 4. A cash dividend of $49,718 was declared and paid during the year
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