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Below is an alphabetical list of Brinker's accounts and account balances as of Dec 31, 2019 (all amounts in millions of US dollars). Identify the
Below is an alphabetical list of Brinker's accounts and account balances as of Dec 31, 2019 (all amounts in millions of US dollars). Identify the accounts that would appear on Brinker's BALANCE SHEET and then use this information to re-create Brinker's 2019 Balance Sheet on the following page. Accounts payable Accounts receivable Cash Common stock 97.5 55.0 13.4 534.0 Cost of goods sold 823.0 Current portion of long-term debt 9.7 Income tax expense 16.9 Interest expense 61.6 Inventory 70.3 Intangible assets Long-term debt 326.2 1,206.6 Other accrued expenses 131.4 Other long-term liabilities 408.3 Prepaid expenses 38.3 Property and equipment, net 755.1 Retained earnings (ending balance on 12/31/19) 2,771.2 Sales revenue 3,217.9 Selling, general and administrative expenses 1,101.8 Treasury stock (4,083.4) Wages expense 1,059.7 Wages payable 82.1 Unearned revenue-gift cards 100.9 Below you will see SOME (not all!) of GAP's transactions in their most recent fiscal year. Provide the journal entry or entries (accounts and amounts) needed to record each transaction. I completed the first journal entry for you to give you a sense of how your entries should look. g) Received $480 million in cash from customers purchasing gift cards. h) Incurred $76 million in interest expense and paid the entire amount in cash during the current period. i) Paid $713 million cash for advertising. Of the $713 million, $687 million related to ads that ran in the current period and $26 million related to ads that had not yet run at the end of the period (i.e., $26 million was still prepaid at the end of the period). i) Paid $713 million cash for advertising. Of the $713 million, $687 million related to ads that ran in the current period and $26 million related to ads that had not yet run at the end of the period (i.e., $26 million was still prepaid at the end of the period). j) Incurred $538 million in federal and state income taxes related to the current year's revenues. Of this $538 million, $490 million was paid in cash to the relevant taxing agencies by the end of the period and $48 million was still owed at the end of the period
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