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Q2. The following is an adjusted trial balance of Starbucks Corporation as of December 31, 2016. (All figures in millions). Answer the following two questions:
Q2. The following is an adjusted trial balance of Starbucks Corporation as of December 31, 2016. (All figures in millions). Answer the following two questions: 1. Prepare the company's multi-step income statement for the year ended December 31, 2016. 2. Prepare the company's classified balance sheet as of December 31, 2016 (12+18 = 30 Marks] Debit Credit Cash and cash equivalents $2,128,800 Short-term Investments 134,400 Net receivables 768,800 Inventories 1,378,500 Other current assets 350,000 Goodwill 1,719,600 Long-term investments 1,496,200 Fixed assets 4,533,800 Intangible assets 516,300 Other long-term assets 417,700 Deferred long-term assets 885,400 Curent Portion of Long-term debt 400,000 Account Payable 2,975,700 Other current liabilities 1,171,200 Long-term debt 3,202,200 Other non-current liabilities 689,700 Deferred long-term liability charges 6,700 Common stock 1,500 Retained earnings 3132100 Additional paid-in capital 41,100 Treasury stock 108,400 Sales revenue 21,315,900 Cost of goods sold 8,511,100 Research and development expense 300 Sales, general and Admin expense 7,970,000 Other operating expense 980,800 Other non-operating income 426200 Interest expense 81,300 Income taxes 1380900 Totals $33362300 $33362300
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