Income Statement, Statement of Stockholders' Equity, and Balance Sheet

The following financial data were adapted from a recent annual report of Traymate Corporation for the year ending January $31.$

Line Item Description In millions

Accounts payable $$6,857$

Cash $794$

Common stock $2,862$

Cost of sales $47,860$

Debt and other borrowings $17,483$

Income tax expense $1,527$

Interest expense $866$

Inventories $7,918$

Other assets $2,842$

Other expenses $2,577$

Other liabilities $6,469$

Property and equipment, net $29,149$

Sales $68,466$

Selling, general, and administrative expenses $14,106$

Instructions:

Question Content Area

$1.$ Prepare Traymate's income statement for the year ending January $31.$

Traymate Corporation

Income Statement

For the Year Ended January $31($in millions$)$

Line Item Description Amount Amount

Sales

blank $Sales

$68,466$

Expenses:

Cost of sales

$Cost of sales

$47,860$

Selling, general, and administrative expenses

Selling, general, and administrative expenses

$14,106$

Income tax expense

Income tax expense

$1,527$

Interest expense

Interest expense

$866$

Other expenses

Other expenses

$2,577$

Total expenses Total expenses

$66,936$

Net income

$Net income

$1,530$

Feedback Area

Feedback

Expenses are subtracted from revenues to determine a company's net income or net loss in the income statement of a company.

Question Content Area

$2.$ Prepare Traymate's statement of stockholders$$ equity for the year ending January $31.$ Use a minus sign to indicate a net loss. If an amount box is zero, leave it blank.

Line Item Description Amount

Common stock, Feb. $1$ of prior year $$8,588$

Retained earnings, Feb. $1$ of prior year $6,495$

Other stockholder equity items on Feb. $1$ of prior year $16,150$

Dividends $1,399$

Other items affecting retained earnings $(2,068)$

Other items affecting common stock $(2)$

Other items affecting stockholders' equity $126$

Traymate Corporation

Statement of Stockholders' Equity

For the Year Ended January $31($in millions$)$

Line Item Description Common

Stock Retained

Earnings Other

Items

Total

Balances, Feb. $1$ of prior year $Balances, Feb. $1$ of prior year

$8,588$

$Balances, Feb. $1$ of prior year

$6,495$

$Balances, Feb. $1$ of prior year

$16,150$

$Balances, Feb. $1$ of prior year

$31,233$

Net income for year

Net income for year

Net income for year

$1,530$

Net income for year

Net income for year

$1,530$

Dividends

Dividends

Dividends

$1,399$

Dividends

$2$

Dividends

$1,399$

Other items

Other items

Other items

$2,068$

Other items

$126$

Other items

$-2,068$

Balances, January $31$ $Balances, January $31$

$8,588$

$Balances, January $31$

$4,558$

$Balances, January $31$

$16,150$

$Balances, January $31$

$36,230$