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Income Statement, Statement of Stockholders' Equity, and Balance Sheet The following financial data were adapted from a recent annual report of Piedmont Corporation for the

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Income Statement, Statement of Stockholders' Equity, and Balance Sheet The following financial data were adapted from a recent annual report of Piedmont Corporation for the year ended January 31. In millions Accounts payable $17,143 Cash 1,985 Common stock 7,155 Cost of sales 119,650 Debt and other borrowings 43,708 Income tax expense 3,818 Interest expense 2,165 Inventory 19,795 Other assets 124 Other expenses 6,443 Other liabilities 16,173 Property and equipment, net 72,873 Sales 171,165 Selling, general, and administrative expenses 35,265 Instructions: 1. Prepare Piedmont's income statement for the year ended January 31. Piedmont Corporation Income Statement For the Year Ended January 31 (in millions) Sales 171,165 Expenses: Cost of sales 119,650 Selling, general, and administrative expenses 35,265 Income tax expense 3,818 Interest expense 2,165 Other expenses 6,443 Total expenses 167,341 Net income 3,824 2. Prepare Piedmont's statement of stockholders equity for the year ended January 31. Use the minus sign to indicate a net loss. If an amount box is zero, enter "0". Common stock, Feb. 1 of prior year $7,155 6,495 Retained earnings, Feb. 1 of prior year Other stockholder equity items on Feb. 1 of prior year 5,721 Dividends 3,498 other items affecting retained earnings (2,068) Other items affecting common stock (2) Other items affecting stockholders' equity 126 Piedmont Corporation Statement of Stockholders' Equity For the Year Ended January 31 (in millions) Common Stock Retained Earnings Other Items Balances, Feb. 1 of prior year Net Income Dividends Total 0b00 Other items 0 Balances, January 31 Piedmont Corporation Balance Sheet January 31 (in millions) Assets Cash 1,985 Inventory 19,795 Property and equipment, net 72,873 Other assets 124 Total assets 94,777 Liabilities Accounts payable 17,143 Debt and other borrowings 43,708 Other liabilities 16,173 Total liabilities 77,024 Stockholders' Equity Common stock $ 7,153 Retained earnings 4,427 Other stockholder equity items 5,847 Total stockholders' equity 17,427 Total liabilities and stockholders' equity 94,451

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