The following are account balances ($millions) for ABC Incorporated as of the fiscal year ended Dec 31, 2022
Total Revenue          $110,360
Accounts Payable       8,617
Cash and short-term investments          133,768
Cash flows from operating activities        43,884
Other current liabilities           43,768
Inventories                     2,662
Cost of goods sold        38,353
Cash flows for investing activities        -6,061
Retained earnings            13,682
Income tax expense         19,903
Operating expenses (other than COGS)           36,949
Cash flows for financing activities                    -33,540
Other current assets            6,751
Accrued expenses                 6,103
Other stockholders equity   -2,187 A
Accounts receivable         26,481
Long-term liabilities         117,642
Cash at the beginning of the year       7,663
Other long term assets           59,726
Other income           1,416
Property, plant and equipment, net        29,460
Common stock and paid-in capital          71,223

Prepare income statement and Balance sheet.

Answer rating: 100% (QA)

To prepare an income statement and balance sheet for ABC Incorporated based on the provided account balances lets organize the data into the respectiv... View the full answer