Problem 23-1

Never use plagiarized sources. Get Your Original Essay on
Question: Problem 23-1 The following are Pharoah Corp.’s comparative balance sheet accounts at December 31,…
Hire Professionals Just from $11/Page
Order Now Click here

The following are Pharoah Corp.’s comparative balance sheet
accounts at December 31, 2017 and 2016, with a column showing the
increase (decrease) from 2016 to 2017.

COMPARATIVE BALANCE SHEETS

2017

2016

Increase
(Decrease)

Cash

$822,700

$706,000

$116,700

Accounts receivable

1,130,000

1,174,600

(44,600

)

Inventory

1,857,900

1,710,100

147,800

Property, plant, and equipment

3,314,200

2,974,500

339,700

Accumulated depreciation

(1,173,300

)

(1,036,900

)

(136,400

)

Investment in Myers Co.

307,900

276,600

31,300

Loan receivable

251,300

251,300

   Total assets

$6,510,700

$5,804,900

$705,800

Accounts payable

$1,018,900

$952,200

$66,700

Income taxes payable

29,700

49,600

(19,900

)

Dividends payable

80,200

100,500

(20,300

)

Lease liabililty

400,300

400,300

Common stock, $1 par

500,000

500,000

Paid-in capital in excess of par—common stock

1,505,000

1,505,000

Retained earnings

2,976,600

2,697,600

279,000

   Total liabilities and stockholders’
equity

$6,510,700

$5,804,900

$705,800

Additional information:

1. On December 31, 2016, Pharoah acquired 25% of Myers Co.’s
common stock for $276,600. On that date, the carrying value of
Myers’s assets and liabilities, which approximated their fair
values, was $1,106,400. Myers reported income of $125,200 for the
year ended December 31, 2017. No dividend was paid on Myers’s
common stock during the year.
2. During 2017, Pharoah loaned $299,500 to TLC Co., an unrelated
company. TLC made the first semiannual principal repayment of
$48,200, plus interest at 10%, on December 31, 2017.
3. On January 2, 2017, Pharoah sold equipment costing $60,600,
with a carrying amount of $38,100, for $40,200 cash.
4. On December 31, 2017, Pharoah entered into a capital lease for
an office building. The present value of the annual rental payments
is $400,300, which equals the fair value of the building. Pharoah
made the first rental payment of $59,900 when due on January 2,
2018.
5. Net income for 2017 was $359,200.
6. Pharoah declared and paid the following cash dividends for 2017
and 2016.

2017

2016

Declared December 15, 2017 December 15, 2016
Paid February 28, 2018 February 28, 2017
Amount $80,200 $100,500

Prepare a statement of cash flows for Pharoah Corp. for the year
ended December 31, 2017, using the indirect method.
(Show amounts that decrease cash flow with either a –
sign e.g. -15,000 or in parenthesis e.g.
(15,000).)

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...   

$

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...   

$

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...  

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...   

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...    

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...   

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...    

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...   

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...    

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...    

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...    

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...    

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...    

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...    

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...

$

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...    

$

Question: Problem 23-1The following are Pharoah Corp.’s comparative balance sheetaccounts at December 31,...

Open chat
Lets chat on via WhatsApp
Hello, Welcome to our WhatsApp support. Reply to this message to start a chat.