question 1.

question 2

View Policies Current Attempt in Progress Pharoah Ltd., a private company reporting under ASPE, reported the following for the years ended May 31, 2021, and 2020. PHAROAH LTD. Balance Sheet May 31 Assets 2021 Cash $24,200 Accounts receivable 87,600 Inventory 181,000 Prepaid expenses 5,600 Land 132,000 Equipment 316,000 Accumulated depreciation (74,200) Total assets $672,200 Liabilities and Shareholders' Equity Accounts payable $42,400 Dividends payable 7,100 Income taxes payable 2,800 Mortgage payable 128,000 Common shares 217,000 Retained earnings 274,900 Total liabilities and shareholders' equity $672,200 2020 $46,000 78,000 159,000 7,100 78,000 196,000 (39,000) $525,100 $39,000 5,600 6,600 79,000 165,000 229,900 $525,100 Total liabilities and shareholders' equity $672,200 $525,100 Additional Information: 1. Profit for 2021 was $107,000. 2. Common shares were issued for $52,000. 3. Land with a cost of $52,000 was sold at a loss of $19,600. Purchased land with a cost of $106,000 with a $57,000 down payment and financed the remainder with a mortgage note payable 5. No equipment was sold during 2021. Prepare a cash flow statement for the year using the indirect method. (Show amounts that decrease cash flow with either a sign e.8. -15,000 or in parenthesis e.g. (15,000).) PHAROAH LTD. Cash Flow Statement - Indirect Method Adjustments to reconcile profit to as purchased by paying $ cash and issuing a Note X: Land with as cost of $ mortgage note payable for $ View Policies Current Attempt in Progress The comparative balance sheets for Blossom Company show these changes in noncash current asset accounts: Accounts Receivable decreased $96,000, Prepaid Expenses increased $33,600, and Inventory Increased $36,000. Calculate net cash provided by operating activities using the indirect method assuming that profit is $360,000 for the year ended May 31, 2021. (Show amounts that decrease cash flow with either a sign e.g. -15,000 or in parenthesis e.g. (15,000).) Net cash operating activities $