1. Assume that during the year ended December 31, 2022, Pepsi issued 3 treasury shares at an average price of $46 per shares. In the process of doing so, they recorded a $102 debit (decrease) to capital in excess of par value. Based on this,

1. How many shares of its own stock did Pepsi repurchase during the year ended December 31, 2022?

1. What was the average price per share that Pepsi paid for the shares repurchased during the year ended December 31, 2022? 

Consolidated Statement of Income

PepsiCo, Inc. and Subsidiaries

Fiscal years ended December 31, 2022, December 25, 2021 and December 26, 2020

(in millions except per share amounts)

2022 2021 2020

Net Revenue $ 86,392 $ 79,474 $ 70,372

Cost of sales 40,576 37,075 31,797

Gross profit 45,816 42,399 38,575

Selling, general and administrative expenses 34,459 31,237 28,453

Gain associated with the Juice Transaction (see Note 13) (3,321)

Impairment of intangible assets (see Notes 1 and 4) 3,166 42

Operating Profit 11,512 11,162 10,080

Other pension and retiree medical benefits income 132 522 117

Net interest expense and other (939) (1,863) (1,128)

Income before income taxes 10,705 9,821 9,069

Provision for income taxes 1,727 2,142 1,894

Net income 8,978 7,679 7,175

Less: Net income attributable to noncontrolling interests 68 61 55

Net Income Attributable to PepsiCo $ 8,910 $7,618 $ 7,120

See accompanying notes to the consolidated financial statements.

Note 14 Supplemental Financial Information

Balance Sheet

2022 2021

Accounts payable and other current liabilities

Accounts payable $ 10,732 $ 9,834

Accrued marketplace spending 3,637 3,087

Accrued compensation and benefits 2,519 2,324

Dividends payable 1,610 1,508

Current lease liabilities 483 446

Other current liabilities 4,390 3,960

Total $ 23,371 $ 21,159

Consolidated Balance Sheet

PepsiCo, Inc. and Subsidiaries

December 31, 2022 and December 25, 2021

(in millions except per share amounts)

2022 2021

ASSETS

Current Assets

Cash and cash equivalents $ 4,954 $ 5,596

Short-term investments 394 392

Accounts and notes receivable, net 10,163 8,680

Inventories 5,222 4,347

Prepaid expenses and other current assets 806 980

Assets held for sale 1,788

Total Current Assets 21,539 21,783

Property, Plant and Equipment, net 24,291 22,407

Amortizable Intangible Assets, net 1,277 1,538

Goodwill 18,202 18,381

Other Indefinite-Lived Intangible Assets 14,309 17,127

Investments in Noncontrolled Affiliates 3,073 2,350

Deferred Income Taxes 4,204 4,310

Other Assets 5,292 4,481

Total Assets $ 92,187 $ 92,377

LIABILITIES AND EQUITY

Current Liabilities

Short-term debt obligations $ 3,414 $4,308

Accounts payable and other current liabilities 23,371 21,159

Liabilities held for sale 753

Total Current Liabilities 26,785 26,220

Long-Term Debt Obligations 35,657 36,026

Other Liabilities 12,472 13,980

Total Liabilities 74,914 76,226

Commitments and contingencies

PepsiCo Common Shareholders' Equity

Common stock, par value 1 2/3 per share 23 23

Capital in excess of par value 4,134 4,001

Retained earnings 67,800 65,165

Accumulated other comprehensive loss (15,302) (14,898)

Repurchased common stock (490 and 484 shares, respectively) (39,506) (38,248)

Total PepsiCo Common Shareholders' Equity 17,149 16,043

Noncontrolling interests 124 108

Total Equity 17,273 16,151

Total Liabilities and Equity $ 92,187 $ 92,377

See accompanying notes to the consolidated financial statements.

Problem IV: Consolidation (Microsoft Corporation and Activision Blizzard, Inc.)