Question

The following balance sheet information (in $ millions) comes from the Annual Report to Shareholders of Merry International Incorporated for the 2024 fiscal year. The following additional information from an analysis of Merry's financial position is available:

Current ratio = 1.352421; Acid-test ratio = 0.5771317; Debt to equity ratio = 0.6901280.

Required:

Compute the missing amounts in the balance sheet.

Note: Enter your answers in millions of dollars. Round your intermediate and final answers to the nearest whole dollar.

Answer 1

Current assets
Cash and cash equivalents		$570
Accounts and notes receivable		563selected answer incorrect
Inventory		2,302selected answer incorrect
Other		580
Total current assets		4,015selected answer correct
Property and equipment, net	$1,502
Intangible assets, net	4,534selected answer correct
Investments	380
Notes and other receivables, net	1,420
Other assets	1,332
Total long-term assets		9,163selected answer correct
Total assets		$13,183selected answer correct
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable		$699
Salaries payable		770
Other payables		1,500
Total current liabilities		2,969
Long-term debt	$1,556selected answer correct
Other long-term liabilities	858
Total long-term liabilities		2,414selected answer correct
Total liabilities		5,383selected answer correct
Shareholders' equity
Common stock	500
Additional paid-in capital	3,800
Retained earnings	3,500
Total shareholders’ equity		7,800
Total liabilities and shareholders’ equity		$13,183

follow the table above