Q2. Using the following financial statements for Pamplin Inc.: (8 Points) 625 BALANCE SHEET FOR YEAR 2012 and 2013 (*000 S) ASSETS Cash $ 200 $ 150 Account Receivable 450 425 Inventory 550 Current Asset 1,200 1,200 Plant and Equipment 2,200 2,600 Less: Accumulated Depreciation (1.000) (1.200). Net Plant and Equipment 1,200 1,400 Total Assets 2,400 2,600 LIABILITIES AND OWNERS EQUITY Accounts Payable 200 150 Notes Payable-current 9% 0 150 Currents liabilities 200 300 Bonds (8 1/3% interest) 600 600 Owners Equity Common Stock 300 Paid-in capital 600 Retained earnings 700 Total owners' equity 1.600 Total Liab. and owners' equity 2,400 300 600 800 1.700 2.600 Income Statement for Year 2012 and 2013 ('000 S) Sales (All credit) 1,200 1,450 COGS 700 850 Gross Profit 500 600 Q2. Using the following financial statements for Pamplin Inc.: (8 Points) 625 BALANCE SHEET FOR YEAR 2012 and 2013 (*000 S) ASSETS Cash $ 200 $ 150 Account Receivable 450 425 Inventory 550 Current Asset 1,200 1,200 Plant and Equipment 2,200 2,600 Less: Accumulated Depreciation (1.000) (1.200). Net Plant and Equipment 1,200 1,400 Total Assets 2,400 2,600 LIABILITIES AND OWNERS EQUITY Accounts Payable 200 150 Notes Payable-current 9% 0 150 Currents liabilities 200 300 Bonds (8 1/3% interest) 600 600 Owners Equity Common Stock 300 Paid-in capital 600 Retained earnings 700 Total owners' equity 1.600 Total Liab. and owners' equity 2,400 300 600 800 1.700 2.600 Income Statement for Year 2012 and 2013 ('000 S) Sales (All credit) 1,200 1,450 COGS 700 850 Gross Profit 500 600