Question

Use the accounts below for Delphi Automotive PLC for December 31, 2016 to prepare an income statement and a balance sheet.

($ millions)
Contributed capital	$ 1,636
Cost of sales	13,107
Cash	839
Long-term liabilities	5,381
Accounts receivable	2,938
Other current assets	410
Other long-term assets	3,358
Other current liabilities	1,585
Other operating expenses	1,572
Other nonoperating expenses	414
Inventory	1,232
Accounts payable	2,563
Property, net	3,515
Retained earnings	1,980
Sales	16,661
Tax expense	242
Other equity	(853	)

Answer 1

Income statement :

Sales	16661
Less: Cost of sales	-13107
Gross profit	3554
Less: Other operating expenses	-1572
Operating income	1982
Less: Other nonoperating expenses	-414
Income before tax	1568
Less: Tax expense	-242
Net income	1326

Balance sheet:

Assets
Current assets
Cash	839
Accounts receivable	2938
Inventory	1232
Other current assets	410
Total current assets		5419
Non Current assets
Property tax	3515	3515
Other long-term assets	3358	3358
Total assets		12292
Liabilities and stockholder's equity
Current liabilities
Account payable	2563
Other current liabilities	1585
Total current liabilties		4148
Long term liabilties
Long-term liabilities	5381
Total long term liabilties		5381
Total liabilities		9529
Stockholder's equity
Contributed capital	1636
Retained earnings (1980-853)	1127
Total Stockholder's equity		2763
Total liabilities and stockholder's equity		12292