The following information, based on the 12/31/2021 Annual Report to Shareholders of Krafty Foods ($ in millions): Accounts payable 2,697 Accounts receivable (net) 3,931 Accrued liabilities 4,905 Cash and cash equivalents 242 Cost of goods sold 18,331 Other current payables 2,452 Current portion of long-term debt 620 Other long-term liabilities 11,111 Retained earnings as of 12/31/2021 3,191 Goodwill and other intangible assets (net) 38,357 Salaries expense 2,365 Interest and other debt expense, net 2,237 Inventories 3,826 Long-term debt 8,934 Long-term notes payable 5,800 Marketing, general and administration expenses 12,260 Operating revenues 37,875 Other current assets 767 Other noncurrent assets 4,526 Other shareholders’ equity (3,368)Common stock 24,455 Property, plant and equipment (net) 9,909 Short-term borrowings 761 Required:Based on the information presented above, prepare the 12/31/2021 Balance Sheet for Krafty Foods. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Amounts to be deducted should be indicated by a minus sign.)

Krafty Foods Balance Sheet December'31, 2021 Assets Current Assets: (Millions) (Millions)…

Answered: he following information, based on the…

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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The following information, based on the 12/31/2021 Annual Report to Shareholders of Krafty Foods ($ in millions):


Accounts payable	2,697
Accounts receivable (net)	3,931
Accrued liabilities	4,905
Cash and cash equivalents	242
Cost of goods sold	18,331
Other current payables	2,452
Current portion of long-term debt	620
Other long-term liabilities	11,111
Retained earnings as of 12/31/2021	3,191
Goodwill and other intangible assets (net)	38,357
Salaries expense	2,365
Interest and other debt expense, net	2,237
Inventories	3,826
Long-term debt	8,934
Long-term notes payable	5,800
Marketing, general and administration expenses	12,260
Operating revenues	37,875
Other current assets	767
Other noncurrent assets	4,526
Other shareholders’ equity	(3,368	)
Common stock	24,455
Property, plant and equipment (net)	9,909
Short-term borrowings	761

Required:
Based on the information presented above, prepare the 12/31/2021 Balance Sheet for Krafty Foods. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Amounts to be deducted should be indicated by a minus sign.)

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