Question: Please prepare a statement of cash flows using the DIRECT method. Exercise 23-12 Condensed financial data of Pharoah Company for 2017 and 2016 are presented

Exercise 23-12 Condensed financial data of Pharoah Company for 2017 and 2016 are presented below. PHAROAH COMPANY COMPARATIVE PHAROAH COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue Cost of goods sold Gross margin Selling a Please prepare a statement of cash flows using the DIRECT method.

Exercise 23-12 Condensed financial data of Pharoah Company for 2017 and 2016 are presented below. Cash Receivables Inventory Plant assets PHAROAH COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 2017 $1,820 1,730 1,590 1,940 (1,220) 1,300 $7,160 Accumulated depreciation Long-term investments (held-to-maturity) Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings $1,200 190 1,430 1,930 2,410 $7,160 2016 $1,130 1,280 1,870 1,690 (1,180) 1,450 $6,240 $920 230 1,530 1,710 1,850 $6,240

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