Chapter 2: Financial Statements, Cash Flows, and Taxes 1. Use the following information to prepare an income statement and balance sheet for Pamplin Inc. Pamplin Inc. as of 12/31/2022 Accounts payable Accounts receivable Accumulated depreciation Cash Common stock-paid-in-capital Common stock - par value Common stock dividends Cost of goods sold Depreciation expense Interest expense Inventories Long-term debt Notes payable Operating expenses Plant and equipment Retained earnings Sales Taxes $ 200,000 450,000 1,000,000 200,000 500,000 300,000 30,000 700,000 220,000 50,000 4. 550,000 600,000 100,000 30,000 2,200,000 700,000 1,200,000 57,000 WI
Chapter 2: Financial Statements, Cash Flows, and Taxes 1. Use the following information to prepare an income statement and balance sheet for Pamplin Inc. Pamplin Inc. as of 12/31/2022 Accounts payable Accounts receivable Accumulated depreciation Cash Common stock-paid-in-capital Common stock - par value Common stock dividends Cost of goods sold Depreciation expense Interest expense Inventories Long-term debt Notes payable Operating expenses Plant and equipment Retained earnings Sales Taxes $ 200,000 450,000 1,000,000 200,000 500,000 300,000 30,000 700,000 220,000 50,000 4. 550,000 600,000 100,000 30,000 2,200,000 700,000 1,200,000 57,000 WI
Chapter1: Financial Statements And Business Decisions
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![Chapter 2: Financial Statements, Cash Flows, and Taxes
1. Use the following information to prepare an income statement and balance sheet for Pamplin Inc.
Pamplin Inc. as of 12/31/2022
Accounts payable
Accounts receivable
Accumulated depreciation
Cash
Common stock-paid-in-capital
Common stock-par value
Common stock dividends
Cost of goods sold
Depreciation expense
Interest expense
Inventories
Long-term debt
Notes payable
Operating expenses
Plant and equipment
Retained earnings
Sales
Taxes
$ 200,000
450,000
1,000,000
200,000
500,000
300,000
30,000
700,000
220,000
50,000
550,000
600,000
44
100,000
30,000
2,200,000
700,000
1,200,000
57,000
#I](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe9f99bc1-b177-45e1-a6f4-6be690697c34%2Fa14ee4b7-05a3-4ea7-b7a9-76b75e723239%2Fa5yi3yo_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Chapter 2: Financial Statements, Cash Flows, and Taxes
1. Use the following information to prepare an income statement and balance sheet for Pamplin Inc.
Pamplin Inc. as of 12/31/2022
Accounts payable
Accounts receivable
Accumulated depreciation
Cash
Common stock-paid-in-capital
Common stock-par value
Common stock dividends
Cost of goods sold
Depreciation expense
Interest expense
Inventories
Long-term debt
Notes payable
Operating expenses
Plant and equipment
Retained earnings
Sales
Taxes
$ 200,000
450,000
1,000,000
200,000
500,000
300,000
30,000
700,000
220,000
50,000
550,000
600,000
44
100,000
30,000
2,200,000
700,000
1,200,000
57,000
#I
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