Assume that Nestle completed the following transactions during 2016 Made company sales (revenue) of CHF 89,310 million, all on account Collected cash on trade receivable CHF 89,310 million Purchased inventories, paying cash of CHF 44,447 million Incurred cost of sales in the amount of CHF 44,199 million (debit Cost of Goods Sold Expense and credit Inventory) Paid in cash distribution expenses of CHF 8,059 million Paid in cash marketing and administrative expenses of CHF 21,485 million Collected other income of CHF 99 million in cash Paid income tax expenses of CHF 4,413 million in cash Incurred other non cash expenses of CHF 713 million, to be recorded as accruedexpenses Purchased other assets in cash for 6,982 million Requirements Set up T accounts for Cash (beginning debit balance of CHF 4,884 million) TradeReceivables, (debit balance of CHF 12,252 million) Inventories (debit balance CHF 8,153 million) Sales (CHF 0 balance) Cost of Sales (CHF 0 balance) Distributionexpenses (CHF 0 balance) Marketing and administrative expenses (CHF 0 balance) Other income (CHF 0 balance) Income tax expense (CHF 0 balance) and Other non cash expenses(CHF O balance) Journalize Nestle's transactions a j Explanations are not required Post to the T accounts, and compute the balance for each account Key postings by transactionletters a j For each of the following accounts, compare your computed balance to Nestle's actual balances as shown on its 2016 Income Statement or Balance Sheet in Appendix A Note that in this question, Other expenses include Nestle's other trading expenses, research and development costs, other operating expenses, financial expenses, and profit attribut able to non controlling interests Other income includes Nestle's other revenue, other trading income, other operating income, financial income, and income from associates and joint ventures Your amounts shouldagree with the actual figures in Nestle's financial statements Cash Trade Receivable Inventories Sales Cost of Sales Selling and distribution expenses Administrative expenses Other income Income tax expense Other assets Use the relevant accounts from requirement 4 to prepare a summary Income Statement forNestle for 2016 Compare the net income you computed to Nestle's actual net income The two amounts should be equal

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Assume that Nestle completed the following transactions during 2016: Made company sales (revenue) of CHF 89,310 million, all on account. Collected cash on trade receivable

Assume that Nestle completed the following transactions during 2016:

Made company sales (revenue) of CHF 89,310 million, all on account.
Collected cash on trade receivable CHF 89,310 million.
Purchased inventories, paying cash of CHF 44,447 million.
Incurred cost of sales in the amount of CHF 44,199 million (debit Cost of Goods Sold[Expense] and credit Inventory).
Paid in cash distribution expenses of CHF 8,059 million.
Paid in cash marketing and administrative expenses of CHF 21,485 million.
Collected other income of CHF 99 million in cash.
Paid income tax expenses of CHF 4,413 million in cash.
Incurred other non-cash expenses of CHF 713 million, to be recorded as "accruedexpenses."
Purchased other assets in cash for 6,982 million.

Requirements

Set up T-accounts for Cash (beginning debit balance of CHF 4,884 million); TradeReceivables, (debit balance of CHF 12,252 million); Inventories (debit balance

CHF 8,153 million); Sales (CHF 0 balance); Cost of Sales (CHF 0 balance); Distributionexpenses (CHF 0 balance); Marketing and administrative expenses (CHF 0 balance); Other income (CHF 0 balance); Income tax expense (CHF 0 balance); and Other non-cash expenses(CHF O balance).

Journalize Nestle's transactions a-j. Explanations are not required.
Post to the T-accounts, and compute the balance for each account. Key postings by transactionletters a-j.
For each of the following accounts, compare your computed balance to Nestle's actual balances as shown on its 2016 Income Statement or Balance Sheet in Appendix A. Note that in this question, "Other expenses" include Nestle's other trading expenses, research and development costs, other operating expenses, financial expenses, and profit attribut able to non-controlling interests. "Other income" includes Nestle's other revenue, other trading income, other operating income, financial income, and income from associates and joint ventures. Your amounts shouldagree with the actual figures in Nestle's financial statements.
1. Cash
2. Trade Receivable
3. Inventories
4. Sales
5. Cost of Sales
6. Selling and distribution expenses
7. Administrative expenses
8. Other income
9. Income tax expense
10. Other assets
Use the relevant accounts from requirement 4 to prepare a summary Income Statement forNestle for 2016. Compare the net income you computed to Nestle's actual net income. The two amounts should be equal.