Johnson & Johnson

Trial Balance as at 31 December 2024

	Debit ($)	Credit ($)
Cash	60,000
Accounts Receivable	70,000
Inventory	80,000
Machinery	350,000
Accumulated Depreciation - Machinery		90,000
Accounts Payable		50,000
Long-term Debt		120,000
Common Stock		300,000
Retained Earnings		100,000
Sales Revenue		450,000
Cost of Goods Sold	270,000
Operating Expenses	60,000
Depreciation Expense	20,000
Total	910,000	910,000

Required:

1. Prepare the Ledger Accounts for the above trial balance.
2. Calculate the Income Statement for the year ended 31 December 2024.
3. Formulate the Balance Sheet as at 31 December 2024.