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Following are the income statement and balance sheet items for Faison Corporation from the companys books and records at the end of fiscal year-end 20x1:

Following are the income statement and balance sheet items for Faison Corporation from the companys books and records at the end of fiscal year-end 20x1:

($ millions)

Contributed capital

$1,702

Cost of sales

13,567

Cash

1,393

Long-term liabilities

3,719

Accounts receivable

2,662

Other current assets

604

Other long-term assets

2,079

Other current liabilities

1,299

Other operating expenses

1,212

Other non-operating expenses

161

Inventory

1,093

Accounts payable

2,595

Property, net

3,216

Retained earnings

1,209

Sales

16,463

Tax expense

256

Equity income, net of tax

34

Other equity

523

Required:

Using the information above, prepare the companys year-end income statement and a balance sheet.

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