Following are the income statement and balance sheet items for Faison Corporation from the company’s books and records at the end of fiscal year-end 20x1: ($ millions) Contributed capital $1,702 Cost of sales 13,567 Cash 1,393 Long-term liabilities 3,719 Accounts receivable 2,662 Other current assets 604 Other long-term assets 2,079 Other current liabilities 1,299 Other operating expenses 1,212 Other non-operating expenses 161 Inventory 1,093 Accounts payable 2,595 Property, net 3,216 Retained earnings 1,209 Sales 16,463 Tax expense 256 Equity income, net of tax 34 Other equity 523 Required: Using the information above, prepare the company’s year-end income statement and a balance sheet.
Following are the income statement and balance sheet items for Faison Corporation from the company’s books and records at the end of fiscal year-end 20x1: ($ millions) Contributed capital $1,702 Cost of sales 13,567 Cash 1,393 Long-term liabilities 3,719 Accounts receivable 2,662 Other current assets 604 Other long-term assets 2,079 Other current liabilities 1,299 Other operating expenses 1,212 Other non-operating expenses 161 Inventory 1,093 Accounts payable 2,595 Property, net 3,216 Retained earnings 1,209 Sales 16,463 Tax expense 256 Equity income, net of tax 34 Other equity 523 Required: Using the information above, prepare the company’s year-end income statement and a balance sheet.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Following are the income statement and balance sheet items for Faison Corporation from the company’s books and records at the end of fiscal year-end 20x1:
|
($ millions) |
|
|
Contributed capital |
$1,702 |
|
Cost of sales |
13,567 |
|
Cash |
1,393 |
|
Long-term liabilities |
3,719 |
|
|
2,662 |
|
Other current assets |
604 |
|
Other long-term assets |
2,079 |
|
Other current liabilities |
1,299 |
|
Other operating expenses |
1,212 |
|
Other non-operating expenses |
161 |
|
Inventory |
1,093 |
|
Accounts payable |
2,595 |
|
Property, net |
3,216 |
|
|
1,209 |
|
Sales |
16,463 |
|
Tax expense |
256 |
|
Equity income, net of tax |
34 |
|
Other equity |
523 |
Required:
Using the information above, prepare the company’s year-end income statement and a balance sheet.
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