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Cadux Candy Company's income statement for the year ended December 31, 2021, reported interest expense of $17 million and income tax expense of $75
Cadux Candy Company's income statement for the year ended December 31, 2021, reported interest expense of $17 million and income tax expense of $75 million. Current assets listed in its balance sheet include cash, accounts receivable, and inventory. Property, plant, and equipment is the company's 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 Current ratio Acid-test ratio Times interest earned ratio Return on assets Return on equity 0.6 2.0 1.0 11 times 20% 32% Profit margin on sales Gross profit margin (gross profit divided by net sales) Inventory turnover Receivables turnover 10% 40% 10 times 25 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.) Assets Current assets: Cash CADUX CANDY COMPANY Balance Sheet At December 31, 2021 (All values are in millions) 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 $ 0 6 0
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