Question
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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