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The following information, based on the 12/31/2024 Annual Report to Shareholders of Krafty Foods ($ in millions): Accounts payable Accounts receivable (net) Accrued liabilities Cash and cash equivalents Cost of goods sold Other current payables Current portion of long-term debt Other long-term liabilities Retained earnings as of 12/31/2024 Goodwill and other intangible assets (net) Salaries expense Interest and other debt expense, net Inventories Long-term debt Long-term notes payable Marketing, general and administration expenses Operating revenues Other current assets Other noncurrent assets. Other shareholders' equity Common stock Property, plant and equipment (net) Short-term borrowings Required: $ 2,897 4,131 5,105 262 18,531 2,652 640 11,311 3,391 38,957 2,565 2,437 4,026 9,134 6,000 12,460 38,875 787 4,726 (3,568) 24,655 10, 109 781

The following information, based on the 12/31/2024 Annual Report to Shareholders of Krafty Foods ($ in millions): Accounts payable Accounts receivable (net) Accrued liabilities Cash and cash equivalents Cost of goods sold Other current payables Current portion of long-term debt Other long-term liabilities Retained earnings as of 12/31/2024 Goodwill and other intangible assets (net) Salaries expense Interest and other debt expense, net Inventories Long-term debt Long-term notes payable Marketing, general and administration expenses Operating revenues Other current assets Other noncurrent assets. Other shareholders' equity Common stock Property, plant and equipment (net) Short-term borrowings Required: $ 2,897 4,131 5,105 262 18,531 2,652 640 11,311 3,391 38,957 2,565 2,437 4,026 9,134 6,000 12,460 38,875 787 4,726 (3,568) 24,655 10, 109 781

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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The following information, based on the 12/31/2024 Annual Report to Shareholders of Krafty Foods ($ in millions): Accounts payable Accounts receivable (net) Accrued liabilities Cash and cash equivalents Cost of goods sold Other current payables Current portion of long-term debt Other long-term liabilities Retained earnings as of 12/31/2024 Goodwill and other intangible assets (net) Salaries expense Interest and other debt expense, net Inventories Long-term debt Long-term notes payable Marketing, general and administration expenses Operating revenues Other current assets Other noncurrent assets Other shareholders' equity Common stock Property, plant and equipment (net) Short-term borrowings Required: $ 2,897 4,131 5,105 262 18,531 2,652 640 11,311 3,391 38,957 2,565 2,437 4,026 9,134 6,000 12,460 38,875 787 4,726 (3,568) 24,655 10,109 781
Transcribed Image Text:The following information, based on the 12/31/2024 Annual Report to Shareholders of Krafty Foods ($ in millions): Accounts payable Accounts receivable (net) Accrued liabilities Cash and cash equivalents Cost of goods sold Other current payables Current portion of long-term debt Other long-term liabilities Retained earnings as of 12/31/2024 Goodwill and other intangible assets (net) Salaries expense Interest and other debt expense, net Inventories Long-term debt Long-term notes payable Marketing, general and administration expenses Operating revenues Other current assets Other noncurrent assets Other shareholders' equity Common stock Property, plant and equipment (net) Short-term borrowings Required: $ 2,897 4,131 5,105 262 18,531 2,652 640 11,311 3,391 38,957 2,565 2,437 4,026 9,134 6,000 12,460 38,875 787 4,726 (3,568) 24,655 10,109 781
Required: Based on the information presented above, prepare the Income Statement for Krafty Foods for the year ended December 31, 2024. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Operating revenues Cost of goods sold Gross profit KRAFTY FOODS Income Statement For the Year Ended December 31, 2024 ($ in millions) Net income Marketing, general and administration expenses Salaries expense Operating income $ 0 0 0
Transcribed Image Text:Required: Based on the information presented above, prepare the Income Statement for Krafty Foods for the year ended December 31, 2024. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Operating revenues Cost of goods sold Gross profit KRAFTY FOODS Income Statement For the Year Ended December 31, 2024 ($ in millions) Net income Marketing, general and administration expenses Salaries expense Operating income $ 0 0 0
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