Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Question Content Area Income Statement, Statement of Stockholders' Equity, and Balance Sheet The following financial data were adapted from a recent annual report of Piedmont
Question Content Area
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 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 Piedmont's income statement for the year ending January 31.
Line Item Description | Amount | Amount |
---|---|---|
Accounts payableCost of salesIncome tax expenseSalesSelling, general, and administrative expensesSales | blank | $Sales |
Expenses: | ||
Accounts payableCommon stockCashCost of salesOther assetsCost of sales | $Cost of sales | |
CashOther liabilitiesOther credit card revenueReceivablesSelling, general, and administrative expensesSelling, general, and administrative expenses | Selling, general, and administrative expenses | |
Accounts payableIncome tax expenseInventoriesReceivablesRetained earningsIncome tax expense | Income tax expense | |
Accounts payableInterest expenseOther assetsReceivablesSalesInterest expense | Interest expense | |
Accounts payableOther assetsOther expensesOther liabilitiesOther credit card revenueOther expenses | Other expenses | |
Total expenses | Total expenses | |
Net incomeNet lossNet income | $Net income |
Question Content Area
2. Prepare Piedmont'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 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started