Question
Cadux Candy Companys income statement for the year ended December 31, 2021, reported interest expense of $19 million and income tax expense of $47 million.
Cadux Candy Companys income statement for the year ended December 31, 2021, reported interest expense of $19 million and income tax expense of $47 million. Current assets listed in its balance sheet include cash, accounts receivable, and inventory. Property, plant, and equipment is the companys only noncurrent asset. Financial ratios for 2021 are listed below. Profitability and turnover ratios with balance sheet items in the denominator were calculated using year-end balances rather than averages.
Debt to equity ratio | 0.8 | |
Current ratio | 2.0 | |
Acid-test ratio | 1.0 | |
Times interest earned ratio | 9 | times |
Return on assets | 20 | % |
Return on equity | 36 | % |
Profit margin on sales | 10 | % |
Gross profit margin (gross profit divided by net sales) | 20 | % |
Inventory turnover | 8 | times |
Receivables turnover | 37 | times |
Required: Prepare a December 31, 2021, balance sheet for the Cadux Candy Company. (Enter your answers in millions. Round your intermediate calculations and final answer to the nearest whole million.)
CADUX CANDY COMPANY Balance Sheet At December 31, 2021 (All values are in millions) Assets Current assets: Cash Accounts receivable (net) Inventories Total current assets Property, plant, and equipment (net) Total assets Liabilities and Shareholders' Equity Current liabilities Long-term liabilities Shareholders' equity Total liabilities and shareholders' equity 0 D 0Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started