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47. The following balance sheet information (in $ millions) comes from the Annual Report to Shareholders of Merry International Inc. for the 2021 fiscal
47. The following balance sheet information (in $ millions) comes from the Annual Report to Shareholders of Merry International Inc. for the 2021 fiscal year. Certain amounts have been replaced with question marks to test your understanding of balance sheets. In addition, you are provided with the following information from an analysis of Merry's financial position at the same date: Current ratio 1.352259; Acid-test ratio = 0.5769692; Debt to equity ratio=1.505718. Required: Compute the missing amounts (rounded to the nearest $ in millions) in the balance sheet. Assets Current assets Cash and cash equivalents Accounts and notes receivable Inventory Other Total current assets Property and equipment, net Intangible assets, net Investments Notes and other receivables, net Other assets Total long-term assets Total assets Liabilities and Shareholders' Equity $1,307 ? 250 1,264 1,137 $505 450 Current liabilities Accounts payable Salaries payable $634 692 Other payables Total current liabilities Long-term debt 1.175 2,501 Other long-term liabilities 2,206 Total long-term liabilities Total liabilities Shareholders' equity Common stock 500 Additional paid-in capital ,1,244 Retained earnings 1.841 Total shareholders' equity Total liabilities and shareholders' equity 1,585 $8,983
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