Procter & Gamble Co.

Trial Balance as at 31 December 2024

	Debit ($)	Credit ($)
Cash	45,000
Accounts Receivable	55,000
Inventory	75,000
Machinery	400,000
Accumulated Depreciation - Machinery		90,000
Accounts Payable		50,000
Long-term Debt		100,000
Common Stock		250,000
Retained Earnings		120,000
Sales Revenue		450,000
Cost of Goods Sold	270,000
Operating Expenses	50,000
Depreciation Expense	20,000
Total	965,000	965,000

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.