In: Finance
Use table below:
1. Was amount owed to suppliers decreased in 2013 and was credit extended to customers?
2. did they buy back any previously issued stock and have a positive income in 2013?
December 31,
(Dollars in millions)
ASSETS |
2013 |
2012 |
CURRENT ASSETS |
2013 |
2012 |
Cash and cash equivalents |
$1,238 |
$1,639 |
Receivables, less allowance for doubtful accounts |
1,313 |
1,126 |
Inventories |
2,565 |
1,338 |
Prepayments and other current assets |
210 |
196 |
Current assets related to discontinued operations |
— |
337 |
Total Current Assets |
5,326 |
4,636 |
PROPERTY, PLANT AND EQUIPMENT |
||
Property, plant and equipment, at cost |
9,123 |
7,206 |
Less accumulated depreciation and amortization |
(2,248) |
(1,974) |
Net Property, Plant and Equipment |
6,875 |
5,232 |
OTHER NONCURRENT ASSETS |
||
Acquired intangibles, net |
263 |
214 |
Other, net |
925 |
602 |
Noncurrent assets related to discontinued operations |
— |
18 |
Total Other Noncurrent Assets |
1,188 |
834 |
Total Assets |
$13,389 |
$10,702 |
LIABILITIES AND EQUITY |
2013 |
2012 |
CURRENT LIABILITIES |
2013 |
2012 |
Accounts payable |
$2,596 |
$2,196 |
Current maturities of debt |
6 |
3 |
Other current liabilities |
806 |
622 |
Current liabilities related to discontinued operations |
— |
60 |
Total Current Liabilities |
3,408 |
2,881 |
DEFERRED INCOME TAXES |
1,018 |
850 |
OTHER NONCURRENT LIABILITIES |
655 |
644 |
BANK DEBT |
2,823 |
1,585 |
EQUITY |
2013 |
2012 |
Common stock, 154,712,627 shares issued (152,579,955 in 2012) |
26 |
25 |
Additional paid-in capital |
1,186 |
1,070 |
Retained earnings |
3,940 |
3,649 |
Treasury stock, 22,907,890 (14,417,533 in 2012) |
(798) |
(356) |
Accumulated other comprehensive loss |
(52) |
(137) |
Total Tesoro Corporation Stockholders’ Equity |
4,302 |
4,251 |
NONCONTROLLING INTEREST |
1,183 |
486 |
Total Equity |
5,485 |
4,737 |
Total Liabilities and Equity |
$13,389 |
$10,702 |
1. No, amount owed to suppliers was not decreased in 2013 because Accounts payable in 2012 was $2,196 and $2,596 in 2013. so, it has increased by $2,596 - $2,196 = $400 in 2013. Accounts payable is the money company owes to its suppliers.
Yes, credit was extended to customers because Accounts receivable in 2012 was $1,126 and $1,313 in 2013. so it has increased by $1,313 - $1,126 = $187 in 2013. Accounts receivable is the money given as credit to the customers by the company.
2. Yes, they bought back any previously issued stock because treasury stock in 2012 was 14,417,533 and 22,907,890 in 2013. so they bought back 22,907,890 - 14,417,533 = 8,490,357 stock in 2013. stock repurchased or bought back by a company is shown as treasury stock in balance sheet.
Yes, they have a positive income in 2013 because retained earnings in 2012 was $3,649 and $3,940 in 2013. so it has increased by $3,940 - $3,649 = $291 in 2013. the amount left over after paying dividends from positive Net income is added to retained earnings. so if retained earnings in 2013 has increased then they have positive income in 2013.