The comparative statements of Pharoah Company are presented here PHAROAH COMPANY Income Statements For the Years Ended December 31 2017 2016 Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations Other expenses and losses $1,893,940 $1,753,900 1,009,400 744,500 482,400 262,100 1,061,940 832,000 503,400 328,600 Interest expense Income before income taxes Income tax expense Net income 24,100 304,500 94,100 s 210,400 22,100 240,000 75,100 S164,900 PHAROAH COMPANY Balance Sheets December 31 Assets 2017 2016 Current assets Cash Debt investments (short-term) Accounts receivable Inventory $ 60,100 64,200 50,000 106,200 117,600 338,000 533,300 $1,045,400 871,300 74,000 121,200 128,100 383,400 662,000 Total current assets Plant assets (net) Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Income taxes payable $ 163,400 148,800 44,100 192,900 213,000 405,900 45,600 209,000 233,000 442,000 Total current liabilities Bonds payable Total liabilities Stockholders' equity 300,000 165,400 465,400 $1,045,400 871,300 290,000 313,400 603,400 Common stock ($5 par) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity