For Pistol Pete$$s Green Chile Factory, Inc., use the following information to create the

financial statements. Credit will not be given unless complete financial statements are

submitted including proper headings. Use the basic template provided.

Data for the current fiscal year ending $12/31/2022$:

$$ Sales Revenue $$8,000$

$$ Corporate Income Tax Rate $25\%$

$$ Interest Expense $$70$

$$ Selling, General and Administrative Expenses $$1,300$

$$ Other Revenue $$2,000$

$$ Research and Development Expense $$500$

$$ Accounts Receivable $$150$

$$ Accounts Payable $$175$

$$ Inventory $$800$

$$ Total Expenses $$5,200$

$$ Accrued Liabilities $$550$

$$ Long$-$Term Debt $$700$

$$ Current Portion of Long Term Debt $$50$

$$ Common Stock $$5,300$

$$ Property, Plant & Equipment $$1,750$

$$ Patents $$475$

Following is information from the $12/31/2021$ financial statements for the company.

$$ Cash Balance $$900$

$$ Accounts Receivable $$300$

$$ Inventory $$200$

$$ Accounts Payable $$750$

$1.$ Create an income statement for the year ended Dec. $31,2022.$ To complete the

income statement, you will need to calculate total revenue, cost of goods sold,

pretax income, income tax expense, and net income.

$2.$ Create a statement of cash flows for the year ended Dec. $31,2022.$ Remember that

changes in certain balance sheet items over the year will affect the cash flow

statement.

$3.$ Create a balance sheet for Dec. $31,2022.$ You will need to calculate retained

earnings.