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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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.

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