Gamma Manufacturing Co.Scenario: Analyze Financial StatementsBalance Sheet Data:Assets:Cash: $100,000Inventory: $80,000Equipment: $200,000Liabilities:Accounts Payable: $50,000Notes Payable: $70,000Equity:Retained Earnings:...
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Accounting
Gamma Manufacturing Co.
Scenario: Analyze Financial Statements
Balance Sheet Data:
- Assets:
- Cash: $100,000
- Inventory: $80,000
- Equipment: $200,000
- Liabilities:
- Accounts Payable: $50,000
- Notes Payable: $70,000
- Equity:
- Retained Earnings: $180,000
Income Statement Data:
- Revenue: $300,000
- Expenses:
- Cost of Goods Sold: $150,000
- Operating Expenses: $50,000
Requirements:
- Prepare the balance sheet as of December 31, 2023.
- Prepare the income statement for the year ended December 31, 2023.
- Analyze the company’s profitability and financial position based on these statements.
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