The comparative statements of Pharoah Company are presented here. PHAROAH COMPANY Income Statements For the Years Ended December 31 2022 Net sales $2,104,400 Cost of goods sold 1,167,000 Gross profit 937,400 Selling and administrative expenses 570,000 Income from operations 367,400 Other expenses and losses Interest expense 25.080 Income before income taxes 342.320 Income tax expense 102,696 Net income $ 239,624 2021 $1,960,000 1.146,840 813,160 546,060 267,100 22.800 244,300 73,290 $ 171,010 2021 $ 73,188 57,000 117,192 131,670 379,050 593,142 $972,192 PHAROAH COMPANY Balance Sheets December 31 Assets 2022 Current assets Cash $ 68,514 Debt investments (short-term) 84,360 Accounts receivable 134,292 Inventory 143,640 Total current assets 430,806 Plant assets (net) 739,860 Total assets $1,170,666 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 182,400 Income taxes payable 49,590 Total current liabilities 231,990 Bonds payable 250.800 Total liabilities 482,790 Stockholders' equity Common stock ($5 par) 330,600 Retained earnings 357,276 Total stockholders' equity 687,876 Total liabilities and stockholders' equity $1,170,666 $165,756 47,880 213,636 228,000 441,636 342,000 188,556 530,556 $972,192 (h) Days in inventory 43.04 days (i) Times interest earned times 0) times Asset turnover Debt to assets ratio (k) % (0) Free cash flow $