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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
image text in transcribed 3. Prepare Piedmont's balance sheet as of January 31

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