General Motors

Trial Balance as at 31 December 2023

	Debit ($)	Credit ($)
Cash	45,000
Accounts Receivable	55,000
Inventory	65,000
Equipment	300,000
Accumulated Depreciation - Equipment		60,000
Accounts Payable		40,000
Long-term Debt		100,000
Common Stock		250,000
Retained Earnings		80,000
Sales Revenue		400,000
Cost of Goods Sold	250,000
Operating Expenses	50,000
Depreciation Expense	20,000
Total	835,000	835,000

Required:

1. Prepare the Ledger Accounts for the above trial balance.
2. Calculate the Income Statement for the year ended 31 December 2023.
3. Formulate the Balance Sheet as at 31 December 2023.