Pfizer Inc.

Trial Balance as at 31 December 2023

	Debit ($)	Credit ($)
Cash	50,000
Accounts Receivable	60,000
Inventory	70,000
Equipment	400,000
Accumulated Depreciation - Equipment		80,000
Accounts Payable		40,000
Long-term Debt		120,000
Common Stock		250,000
Retained Earnings		80,000
Sales Revenue		500,000
Cost of Goods Sold	300,000
Operating Expenses	60,000
Depreciation Expense	20,000
Total	1,030,000	1,030,000

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.