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Given the following trial balance of Pfizer Inc. as of December 31, 2023: Cash: $400,000 Accounts Receivable: $800,000 Inventory: $700,000 Prepaid Expenses: $90,000 Property, Plant,
Given the following trial balance of Pfizer Inc. as of December 31, 2023:
- Cash: $400,000
- Accounts Receivable: $800,000
- Inventory: $700,000
- Prepaid Expenses: $90,000
- Property, Plant, and Equipment: $3,000,000
- Accumulated Depreciation: $900,000
- Accounts Payable: $800,000
- Salaries Payable: $300,000
- Common Stock: $3,000,000
- Retained Earnings: $900,000
- Sales Revenue: $6,000,000
- Cost of Goods Sold: $3,000,000
- Operating Expenses: $1,400,000
- Interest Expense: $200,000
- Income Tax Expense: $250,000
Required:
- Prepare the Income Statement for the year ending December 31, 2023.
- Prepare the Balance Sheet as of December 31, 2023.
- Discuss the implications of the company's financial position based on the Balance Sheet.
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