Diageo is a United Kingdom (UK) consumer products firm, best known in the United States for the following brand names: Smirnoff, Johnnie Walker, J&B, Gordon's, Guinness, Pillsbury, and Häagen-Dazs. Diageo's 2005 balance sheet is shown on the next page.

1. Can you identify any major differences between Wal-Mart's and Diageo's balance sheets in terms of the order in which major categories are displayed?
2. What is Diageo's total assets? Is it as easy to determine as Wal-Mart's total assets?
3. Take a look at the following list of accounts and identify, given your knowledge of assets, liabilities, and owners' equity, what the American equivalent of those accounts might be (you might want to reference Wal-Mart's balance sheet for comparison):
€¢ Stocks
€¢ Debtors
€¢ Called-up share capital
€¢ Profit and loss account

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Diageo Consolidated Balance Sheet 30 June 2005 (in millions of pounds) Fixed assets Intangible assets Tangible assets 4,252 2,097 1,334 719 Other investments . 8,402 Current assets Stocks . Debtors-due within one Debtors-due after one Cash at bank and liquid resources 2,335 1,664 68 817 4,884 . . . . . . . . . . . . . . . . . . . . . . . . Creditors-due within one year (869) (3,183) (4,052) Other creditors . 832 Total assets less current liabilities .._ . . . . . .. . . . . . _ . . . .. ._.. . .. .. Creditors-due after one year 9,234 (3,677) (98) Other creditors . (3,775) (723) (902) 3,834 Provisions for liabilities and charges .. .._. . . . . . . . . . . . . . . .. . Net Assets . Capital and reserves Called-up share capital Share premium 883 1,337 Capital redemption reserve Profit and loss account . Reserves attributable to equity 3,060 (1,750) 2,758 3,641 193 3,834