Cadux Candy Company's income statement for the year ended December 31, 2024, reported interest expense of $18 million and income tax expense of $62 million. Current assets listed in its balance sheet include cash, accounts receivable, and inventory. Property, plant, and equipment is the company's only noncurrent asset. Financial ratios for 2024 are listed below. Profitability and turnover ratios with balance sheet items in the denominator were calculated using year-end balances rather than averages. 0.7 2.0 Debt to equity ratio Current ratio Acid-test ratio 1.0 Times interest earned ratio 10 times Return on assets 10% Return on equity 17% Profit margin on sales 5% Gross profit margin (gross profit divided by net sales) 20% Inventory turnover 8 times Receivables turnover 20 times Required: Prepare a December 31, 2024, balance sheet for the Cadux Candy Company. Note: Enter your answers in millions. Round your intermediate calculations and final answer to the nearest whole million. CADUX CANDY COMPANY Balance Sheet At December 31, 2024 ($ in millions) Assets Current assets: Cash Accounts receivable (net) Inventory Total current assets Property, plant, and equipment (net) 0
Cadux Candy Company's income statement for the year ended December 31, 2024, reported interest expense of $18 million and income tax expense of $62 million. Current assets listed in its balance sheet include cash, accounts receivable, and inventory. Property, plant, and equipment is the company's only noncurrent asset. Financial ratios for 2024 are listed below. Profitability and turnover ratios with balance sheet items in the denominator were calculated using year-end balances rather than averages. 0.7 2.0 Debt to equity ratio Current ratio Acid-test ratio 1.0 Times interest earned ratio 10 times Return on assets 10% Return on equity 17% Profit margin on sales 5% Gross profit margin (gross profit divided by net sales) 20% Inventory turnover 8 times Receivables turnover 20 times Required: Prepare a December 31, 2024, balance sheet for the Cadux Candy Company. Note: Enter your answers in millions. Round your intermediate calculations and final answer to the nearest whole million. CADUX CANDY COMPANY Balance Sheet At December 31, 2024 ($ in millions) Assets Current assets: Cash Accounts receivable (net) Inventory Total current assets Property, plant, and equipment (net) 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
answer must be in table format or i will give down vote
Transcribed Image Text:Cadux Candy Company's income statement for the year ended December 31, 2024, reported interest expense of $18 million and
income tax expense of $62 million. Current assets listed in its balance sheet include cash, accounts receivable, and inventory.
Property, plant, and equipment is the company's only noncurrent asset. Financial ratios for 2024 are listed below. Profitability and
turnover ratios with balance sheet items in the denominator were calculated using year-end balances rather than averages.
0.7
2.0
Debt to equity ratio
Current ratio
Acid-test ratio
1.0
Times interest earned ratio
10 times
Return on assets
10%
Return on equity
17%
Profit margin on sales
5%
Gross profit margin
(gross profit divided by net sales)
20%
Inventory turnover
8 times
Receivables turnover
20 times
Required:
Prepare a December 31, 2024, balance sheet for the Cadux Candy Company.
Note: Enter your answers in millions. Round your intermediate calculations and final answer to the nearest whole million.
CADUX CANDY COMPANY
Balance Sheet
At December 31, 2024
($ in millions)
Assets
Current assets:
Cash
Accounts receivable (net)
Inventory
Total current assets
Property, plant, and equipment (net)
0
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