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Prepare a complete Classified Balance Sheet at December 31, 2016 in good form. You will need to use the information provided to find the missing
Prepare a complete Classified Balance Sheet at December 31, 2016 in good form. You will need to use the information provided to find the missing data
The following excerpt of balance sheet information (in $ millions) comes from the Annual Report to Shareholders of Merry International Inc. for the 2016 fiscal year. Certain amounts have been replaced with question marks to test your understanding of balance sheets. In addition, you are provided with the following information from an analysis of Merry's financial position at the same date:
Current ratio = 1.352259; Acidtest ratio = 0.5769692; Debt to equity ratio = 4.6675078;
$450 of the Other Assets are current.
Cash and equivalents
$505
Accounts and notes receivable
?
Inventory
?
Other Assets
1,587
Property and Equipment, net
1,307
Intangible Assets, net
1,643
Investments
250
Notes and other receivables, net
1,264
Accounts payable
634
Accured payroll and benefits
692
Other payables and accurals
1,175
Long term debt
?
Other long term liabilities
2,206
Common stock
5
Additional paid in capital
3,644
Retained Earnings
3,286
Treasury Stock
5,350
Total liabilities and equity
8,983
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