The comparative statements of Pharoah Company are presented here PHAROAH COMPANY For the Years Ended 31 2017 2016 Net sales Cost of goods sold Gross proft Selling and administrative expenses Income from operations Other expenses and losses $1,898,740 1,758,700 1,014,200 744,500 487,200 257,300 1,066,740 832,000 508,200 323,800 Interest expense Income before income taxes Income tax expense Net income 23,400 300,400 93,400 s 207,000 21,400 235,900 74,400 s161,500 PHAROAH COMPANY Balance Sheets Assets 2017 2016 Current assets Cash Debt investments (short-term) Accounts receivable InventoryY $60,100 64,200 50,000 26,000 111,000 116,900 342,100 534,300 51,050,500 876,400 74,000 127,400 387,500 563,000 Total current assets Plant assets (net) Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable 168,200 $153,600 43,400 197,000 214,000 411,000 44,900 213,100 234,000 447,100 Income taxes payable Total current liabilities Bonds payable Total liabilities Stockholders' equity Common stock ($5 par) Retained earninas 290,000 313,400 300,000 165,400