PQR Manufacturing Co.Scenario: Prepare Financial StatementsBalance Sheet Data:Assets:Cash: $100,000Accounts Receivable: $60,000Inventory: $80,000Liabilities:Accounts Payable: $50,000Long-term Debt: $100,000Equity:Common...
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Accounting
PQR Manufacturing Co.
Scenario: Prepare Financial Statements
Balance Sheet Data:
- Assets:
- Cash: $100,000
- Accounts Receivable: $60,000
- Inventory: $80,000
- Liabilities:
- Accounts Payable: $50,000
- Long-term Debt: $100,000
- Equity:
- Common Stock: $80,000
- Retained Earnings: $110,000
Income Statement Data:
- Revenue: $300,000
- Cost of Goods Sold: $150,000
- Operating Expenses: $50,000
- Income Tax Expense: $20,000
Requirements:
- Prepare the Balance Sheet as of December 31, 2023.
- Prepare the Income Statement for the year ended December 31, 2023.
- Calculate the Net Income for PQR Manufacturing Co.
- Discuss the company's financial performance based on the financial statements.
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