Question

In: Finance

Use table below: 1. Was amount owed to suppliers decreased in 2013 and was credit extended...

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

Solutions

Expert Solution

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.


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