ABC 2021 Income Statement (in millions) SM Revenue (also called sales) Cost of sales Dec 31, 2021 Dec 31, 2020 $280,174 $265,595 191,786 153,756 Gross margins 88,388 111,839 Operating expenses: Research & Development 16,217 14,236 Selling, general & administrative 20,245 16,705 Total operating expenses 36,462 30,941 Operating income 51,926 80,898 Income taxes Net income 15,578 24,269 $36,348 $56,629 SM ASSETS: Current assets: ABC 2021 Consolidated Balance Sheets Cash and cash equivalents Accounts receivable Inventories Total current assets Non-current assets Total assets (in millions) Dec 31, 2021 LIABILITIES AND SHAREHOLDER'S EQUITY: Current liabilities: Account payable Notes payable Total current liabilities Non-current liabilities Total Liabilities Shareholders' equity: $100,557 25,926 10,920 137,403 175,697 $313,100 $46,236 33,482 79,718 142,310 222,028 Common stock 45,174 Retained earning 45,898 Total shareholders' equity 91,072 Total Liabilities and Shareholders' Equity $313,100