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1. Preparee a simplified balance sheet with three sub-headings in the assets and three subheadings in the equity and liabilities

1. Preparee a simplified balance sheet with three sub-headings in the assets and three subheadings in the equity and liabilities

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. Preparee a simplified balance sheet with three sub-headings in the assets and three subheadings in the equity and liabilities

 

Consolidated balance sheets December 31, (In millions of S) ASSETS CURRENT Cash and cash equivalents 2019 2018 2,126 1,866 Marketable securities 219 68 2,345 1,934 Trade accounts receivable, less allowances 2,097 1,882 Inventories 1,294 1,055 Prepaid expenses and other assets 1,616 2,300 TOTAL CURRENT ASSETS 7,352 7,171 INVESTMENTS AND OTHER ASSETS Equity method investments: Honey Badger Ple Enterprises Inc. 972 788 Honey Badger Plc Hellenic Bottling Company S.A. 872 791 Honey Badger Ple Amatil Limited Other, principally bottling companies Cost method investments, principally bottling companies 492 432 2,401 254 3,117 294 Other assets 2,694 2,792 7,685 8,214 PROPERTY, PLANT AND EQUIPMENT Land 217 1,812 385 Buildings and improvements Machinery and equipment 2,332 5,888 4,881 Containers 396 195 9,001 7,105 Less allowances for depreciation 3,09d 2,652 5,911 4,453 TRADEMARKS WITH INDEFINITE LIVES 1,724 1,697 GOODWILL AND OTHER INTANGIBLE ASSETS 1,829 882 TOTAL ASSETS LIABILITIES AND SHARE-OWNERS' EQUITY CURRENT Accounts payable and accrued expenses 24,501 22,417 3,692 3,679 Loans and notes payable Current maturities of long-term debt 2,475 180 3,743 156 Acerned income taxes 994 851 8,429 TOTAL CURRENT LIABILITIES 7,341 LONG-TERM DEBT 2,701 1,219 OTHER LIABILITIES 2,260 961 DEFERRED INCOME TAXES 399 442
Transcribed Image Text:Consolidated balance sheets December 31, (In millions of S) ASSETS CURRENT Cash and cash equivalents 2019 2018 2,126 1,866 Marketable securities 219 68 2,345 1,934 Trade accounts receivable, less allowances 2,097 1,882 Inventories 1,294 1,055 Prepaid expenses and other assets 1,616 2,300 TOTAL CURRENT ASSETS 7,352 7,171 INVESTMENTS AND OTHER ASSETS Equity method investments: Honey Badger Ple Enterprises Inc. 972 788 Honey Badger Plc Hellenic Bottling Company S.A. 872 791 Honey Badger Ple Amatil Limited Other, principally bottling companies Cost method investments, principally bottling companies 492 432 2,401 254 3,117 294 Other assets 2,694 2,792 7,685 8,214 PROPERTY, PLANT AND EQUIPMENT Land 217 1,812 385 Buildings and improvements Machinery and equipment 2,332 5,888 4,881 Containers 396 195 9,001 7,105 Less allowances for depreciation 3,09d 2,652 5,911 4,453 TRADEMARKS WITH INDEFINITE LIVES 1,724 1,697 GOODWILL AND OTHER INTANGIBLE ASSETS 1,829 882 TOTAL ASSETS LIABILITIES AND SHARE-OWNERS' EQUITY CURRENT Accounts payable and accrued expenses 24,501 22,417 3,692 3,679 Loans and notes payable Current maturities of long-term debt 2,475 180 3,743 156 Acerned income taxes 994 851 8,429 TOTAL CURRENT LIABILITIES 7,341 LONG-TERM DEBT 2,701 1,219 OTHER LIABILITIES 2,260 961 DEFERRED INCOME TAXES 399 442
SHARE-OWNERS' EQUITY Common stock, S.25 par value 873 3,857 24,506 873 Capital surplus Reinvested carnings Accumulated other comprehensive income (loss) and unearned compensation on restricted stock 3,520 23,443 ( 3,047) 26,189 14,389 ( 2,788) 25,048 13,682 Less treasury stock, at cost 11,800 11,366 TOTAL LIABILITIES AND SHARE-OWNERS' EQUITY 24,501 22,417 Consolidated income statements Year ended December 31 (in millions of $) Net operating revenues Cost of goods sold Gross profit Selling, general and administrative expenses Other operating charges Operating income Interest income Interest expense Equity income (loss) Other income (loss)–net Gains on issuances of stock by equity investee Income before income taxes and cumulative effect of accounting change Income taxes Net income before cumulative effect of accounting change Cumulative effect of accounting change for SFAS No. 142", net of income taxes: Company operations 2020 2019 2018 2017 21,044 19,56417, 17,354 6,044 6,204 7,762 7,105 13,282 12,459 11,501|11,150 7,488 7,001 6,149 6,016 573 1,443 5,221 5,458 5,352 3,691 176 209 325 345 178 199 289 447 406 384 152 (289) (138) (353) 39 99 8 91 5,495 5,499 5,670 3,399 1,148 1,523 1,691 1,222 4,347 3,976 3,979 2,177 (367) Equity investees (559) Cumulative effect of accounting change for SFAS No. 133**, net of income taxes Net income (10) 4,347 3,050 3,969 2,177 Employees (at year end) "Goodwill and other intangible assets" (our precision). 10,241 | 10,506|11,047| 11,408 *"Accounting for derivative instruments and hedging activities" (our precision).
Transcribed Image Text:SHARE-OWNERS' EQUITY Common stock, S.25 par value 873 3,857 24,506 873 Capital surplus Reinvested carnings Accumulated other comprehensive income (loss) and unearned compensation on restricted stock 3,520 23,443 ( 3,047) 26,189 14,389 ( 2,788) 25,048 13,682 Less treasury stock, at cost 11,800 11,366 TOTAL LIABILITIES AND SHARE-OWNERS' EQUITY 24,501 22,417 Consolidated income statements Year ended December 31 (in millions of $) Net operating revenues Cost of goods sold Gross profit Selling, general and administrative expenses Other operating charges Operating income Interest income Interest expense Equity income (loss) Other income (loss)–net Gains on issuances of stock by equity investee Income before income taxes and cumulative effect of accounting change Income taxes Net income before cumulative effect of accounting change Cumulative effect of accounting change for SFAS No. 142", net of income taxes: Company operations 2020 2019 2018 2017 21,044 19,56417, 17,354 6,044 6,204 7,762 7,105 13,282 12,459 11,501|11,150 7,488 7,001 6,149 6,016 573 1,443 5,221 5,458 5,352 3,691 176 209 325 345 178 199 289 447 406 384 152 (289) (138) (353) 39 99 8 91 5,495 5,499 5,670 3,399 1,148 1,523 1,691 1,222 4,347 3,976 3,979 2,177 (367) Equity investees (559) Cumulative effect of accounting change for SFAS No. 133**, net of income taxes Net income (10) 4,347 3,050 3,969 2,177 Employees (at year end) "Goodwill and other intangible assets" (our precision). 10,241 | 10,506|11,047| 11,408 *"Accounting for derivative instruments and hedging activities" (our precision).
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