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 50,000 550,000 600,000 100,000 30,000 2,200,000 700,000 1,200,000 57,000

Chapter 2: Financial Statements, Cash Flows, and Taxes 1. Use the following information to prepare an income statement and balance sheet for Pamplin Inc