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The comparative unclassified statement of financial position for Pharoah Ltd. follows: ...

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Accounting

The comparative unclassified statement of financial position for Pharoah Ltd. follows:

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The comparative unclassified statement of financial position for Pharoah Ltd. follows: PHAROAH LTD. Statement of Financial Position December 31 2018 2017 Assets Cash Accounts receivable Inventory Long-term investments Equipment Accumulated depreciation Total assets $58,000 25,000 89,000 66.000 181,000 196,500 70,000 100,000 275,000 200,000 (63,000) (32,000) $610,000 $555,500 Liabilities and Shareholders' Equity Accounts payable Bank loan payable Common shares Retained earnings Total liabilities and shareholders' equity $33,000 46,500 187,000 194,000 195,000 175,000 195.000 140,000 $555,500 $610,000 Additional information: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. Net income was $124,000. Sales were $996,000. Cost of goods sold was $ 759,000. Operating expenses were $ 50,000, exclusive of depreciation expense. Depreciation expense was $31,000 Interest expense was $12,000. Income tax expense was $25,000. Long-term investments were sold at a gain of $ 5,000 No equipment was sold during the year $7,000 of the bank loan was repaid during the year Common shares were issued for $20,000

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