Presented below is information for 2022 and 2021 related to the operations of Pharoah Electronics. December...

  

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Presented below is information for 2022 and 2021 related to the operations of Pharoah Electronics. December 31 2022 2021 Cash $29,160 $23,850 Accounts receivable 24,120 20,880 Inventory 21,150 30,600 Prepaid expenses 1,890 2,610 Land 40,500 40,500 Equipment 111,600 88,290 Accumulated depreciation 14,220 17.910 Total $214,200 $188,820 Accounts payable $29,160 $41,850 Wages payable 9.900 8,730 Bonds payable 31,500 0 Common stock 98,100 94,500 Retained earnings 45,540 43,740 Total $214,200 $188,820 2022 Sales $268,200 Cost of goods sold 130,500 Gross profit 137,700 Depreciation expense 7,740 Other operating expenses 102,600 Income from operations 27,360 Loss on equipment disposal 1,260 Income before income taxes 26,100 Income tax expense 8,820 Net income $17,280 Additional information: a. In 2022, Pharoah declared and paid a cash dividend of $15,480. b. The company issued $31,500 of bonds at a discount for cash. c d. Equipment with a cost of $15,300 and a book value of $3,870 was sold for cash. New equipment was acquired for cash. The company issued stock for cash. e Prepaid expenses pertain to operating expenses; accounts payable is only used for merchandise purchases. Prepare a statement of cash flows in proper form for 2022, using the indirect method. (Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis e.g. (15,000).) Pharoah Electronics Statement of Cash Flows Adjustments to reconcile net income to > Presented below is information for 2022 and 2021 related to the operations of Pharoah Electronics. December 31 2022 2021 Cash $29,160 $23,850 Accounts receivable 24,120 20,880 Inventory 21,150 30,600 Prepaid expenses 1,890 2,610 Land 40,500 40,500 Equipment 111,600 88,290 Accumulated depreciation 14,220 17.910 Total $214,200 $188,820 Accounts payable $29,160 $41,850 Wages payable 9.900 8,730 Bonds payable 31,500 0 Common stock 98,100 94,500 Retained earnings 45,540 43,740 Total $214,200 $188,820 2022 Sales $268,200 Cost of goods sold 130,500 Gross profit 137,700 Depreciation expense 7,740 Other operating expenses 102,600 Income from operations 27,360 Loss on equipment disposal 1,260 Income before income taxes 26,100 Income tax expense 8,820 Net income $17,280 Additional information: a. In 2022, Pharoah declared and paid a cash dividend of $15,480. b. The company issued $31,500 of bonds at a discount for cash. c d. Equipment with a cost of $15,300 and a book value of $3,870 was sold for cash. New equipment was acquired for cash. The company issued stock for cash. e Prepaid expenses pertain to operating expenses; accounts payable is only used for merchandise purchases. Prepare a statement of cash flows in proper form for 2022, using the indirect method. (Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis e.g. (15,000).) Pharoah Electronics Statement of Cash Flows Adjustments to reconcile net income to >