BALANCE SHEET ASSIGNMENT Directions: Complete the following Balance Sheet by filling in the missing amounts (simply replace the ???? placeholder with the correct value). After you have filled in the missing values, please answer the three questions that appear at the end of the document FreshFoods Supermarket (a fictitious company and data) Balance Sheet in millions, except per share amounts) June 30, 2017 2016 ASSETS CURRENT ASSETS Cash and cash equivalents Receivables Merchandise inventones Deferred income taxes Total current assets $3,500 4,954 1.865 759 27? $4,500 3,319 984 700 9.503 PROPERTY AND EQUIPMENT Land Buildings Fixtures and equipment Less accumulated depreciation and amortization Net property and equipment OTHER LONG-TERM ASSETS Goodwill Long-term investments Total other long-term assets 2222 6.680 3.088 11.578 2500 9,078 1,290 4,130 1919 2772 2 404 2222 1.900 3.936 2,086 2338 242 $18.862 S2722 FreshFoods Supermarket (a fictitious company and data) Balance Sheet (in millions, except per share amounts) June 30, 2016 $1,500 809 545 2017 LIABILITIES AND STOCKHOLERS' INVESTMENT CURRENT LIABILITIES Accounts payable $2,500 Accrued expenses 1,561 Current portion of long-term debt 770 Accrued salaries and employee benefits 2.514 Total current liabilities 7,345 LONG-TERM DEBT, LESS CURRENT PORTION 1.270 OTHER LONG-TERM LIABILITIES Deferred tax liabilities 3,031 Pension and retiree healthcare obligations 1,171 Other liabilities 170 Total other long-term liabilities 2m 1.214 2012 1,436 1,335 865 60 2,260 6 COMMITMENTS AND CONTINGENCIES COMMON STOCKHOLDERS INVESTMENT Common stock, 51.25 par value: 10,000,000 shares authorized: 4,895,000 shares issued for 2015 and 4,500,000 shares issued for 2014 Additional paid.in capital Retained earnings Accumulated other comprehensive earnings to Less deferred compensation and treasury stock, at cost Total common stockholders investment 1,576 11.640 25 2222 42 13.105 $ 1,568 9,130 (223 10,633 35 30.598 $18,862 Please answer the following questions: 1. In your own words, briefly explain the difference between an asset and a liability, 2. Businesses have many different types of specific assets and liabilities. Think about any type of business with which you are familiar (eg. a retailer, restaurant, Law office, etc.), and name one spectfic asset and one specific liability that this type of business might have. (Note: There are a number of potential responses to this questionthe major goal is for you to correctly identify a specific example of an asset and a specific example of a liability). 3. Briefly explain why a balance sheet "balances. In other words, why do Assets equal Liabilities on a balance sheet? (hint you will find it helpful to review Chapter 12 in the textbook)