work Assignment - Due on Tuesday, November 24, 2020 Question 6 of 8 UUTUUUUUUTTTrry Pharoah Company Comparative Balance Sheets December 31 Assets 2022 Cash $ 24,500 Accounts receivable 14,000 Inventory 19,600 Property, plant, and equipment 42.000 Accumulated depreciation (22,400) Total $77.700 2021 $ 14,000 9.800 14.000 54,600 (16,800) $75,600 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $ 13,300 4,900 11.900 12,600 35,000 $77,700 $ 10,500 5,600 23,100 9.800 26.600 $75,600 Pharoah Company Income Statement O Ouestion 6 of 8 0.33/2 Pharoah Company Income Statement For the Year Ended December 31, 2022 Sales revenue $169,400 Cost of goods sold 122,500 Gross profit 46,900 Selling expenses $12,600 Administrative expenses 4,200 16,800 Income from operations 30,100 Interest expense 2,100 Income before income taxes 28,000 Income tax expense h 5,600 Net income $ 22,400 Additional data: 1 2. 3. Depreciation expense was $12,250. Dividends declared and paid were $14,000. During the year equipment was sold for $5,950 cash. This equipment cost $12,600 originally and had accumulated depreciation of $6,650 at the time of sale. Question 6 of 8 0.3 Pharoah Company Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities 22400 Net Income Adjustments to reconcile net income to Net Cash used by Financing Activities Depreciation Expense $ 12250 Decrease in Income Taxes Payable 700 Increase in Inventory V 5600 4200 Increase in Accounts Receivable Increase in Accounts Payable 2800 26950 Net Cash used by Operating Activities > > November 24, 2020 Question 6 of 8 0.33/2 Increase in Accounts Payable 2800 26950 Net Cash used by Operating Activities V 26950