n 5 Cengage Assignment 3. 4. 5. 6. 7. 8. 9. 10. eBook The Butler-Huron Company's balance sheet and income statement for last year are as follows: Balance Sheet (in Millions of Dollars) Assets Liabilities and Equity Cash and marketable securities $121 Accounts payable*** $970 Accounts receivable* 1,399 Accrued liabilities Inventories** 2,030 (salaries and benefits) 525 Other current assets 31 Other current liabilities 424 Total current assets $3,581 Total current liabilities $1,919 Plant and equipment (net) 3,191 Long-term debt and other Other assets 6,839 liabilities 3,191 Total assets $6,839 Common stock 93 Retained earnings 1,636 Total stockholders' equity $1,729 Total liabilities and equity $6,839 Assume that all sales are credit sales and that average accounts receivable are the same as ending accounts receivable. **Assume that average Inventory over the year was the same as ending inventory. ***Assume that average accounts payable are the same as ending accounts payable. Income Statement (in Millions of Dollars) Net sales $13,547 Cost of sales 9,721 Selling, general, and administrative expenses 2,517 Other expenses 726 Total expenses $12,964 Earnings before taxes 583 Taxes 233 Earnings after taxes (net income) $350