Question

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

Accounts payable		2,297
Accounts receivable (net)		3,531
Accrued liabilities		4,505
Cash and cash equivalents		202
Cost of goods sold		17,931
Other current payables		2,052
Current portion of long-term debt		580
Other long-term liabilities		10,711
Retained earnings as of 12/31/2021		2,791
Goodwill and other intangible assets (net)		37,157
Salaries expense		1,965
Interest and other debt expense, net		1,837
Inventories		3,426
Long-term debt		8,534
Long-term notes payable		5,400
Marketing, general and administration expenses		11,860
Operating revenues		35,875
Other current assets		727
Other noncurrent assets		4,126
Other shareholders’ equity		(2,968	)
Common stock		24,055
Property, plant and equipment (net)		9,509
Short-term borrowings		721

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.)

Answer 1

Solution:

KRAFTY FOODS
Balance sheet
As on December. 31, 2021 [In million]
Assets		Liabilities
Current assets:		Current liabilities:
Cash and cash equivalents	$        202	Account Payable	$    2,297
Accounts Receivable	$    3,531	Accured liabilities	$    4,505
Inventories	$    3,426	Other current payables	$    2,052
Other current assets	$        727	Current portion of long term debt	$        580
		Short term borrowings	$        721
Total current assets	$    7,886	Total current liabilities	$ 10,155
		Long term liabilities
Other noncurrent assets	$    4,126	Long term Debt	$    8,534
Property,plant, and equipment[net]	$    9,509	Long term notes payable	$    5,400
		Other long term liabilities	$ 10,711
		Total long term Liabilities	$ 24,645
		Equity
		Common Stock	$ 24,055
		Retained Earnings	$    2,791
Goodwill and other intangibles assets [net]	$ 37,157	Other shareholders equity	$ (2,968)
		Total stockholders` equity	$ 23,878
Total Assets	$ 58,678	Total liabilities and stockholders` equity	$ 58,678