The following financial data is from the quarterly report of Pfizer Inc. for the period ending September 30, 2024:

• Total revenue: $2,500,000
• Cost of goods sold: $1,300,000
• Gross profit: $1,200,000
• Operating expenses: $600,000
• Net income: $400,000
• Cash: $500,000
• Accounts receivable: $300,000
• Inventory: $200,000
• Total assets: $3,500,000
• Total liabilities: $1,500,000
• Common stock: $2,000,000
• Retained earnings: $1,000,000

Instructions:

1. Prepare a quarterly income statement for the period ending September 30, 2024.
2. Prepare a statement of retained earnings for the quarter.
3. Calculate the earnings per share if there are 80,000 shares outstanding.
4. Determine the company’s total equity.
5. Compute the quick ratio.