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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:

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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

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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

Line Item Description	Common Stock	Retained Earnings	Other Items	Total
Balances, Feb. 1 of prior year	$Balances, Feb. 1 of prior year	$Balances, Feb. 1 of prior year	$Balances, Feb. 1 of prior year	$Balances, Feb. 1 of prior year
Accounts payableCashOther expensesNet income for yearNet loss for yearNet income for year	Net income for year	Net income for year	Net income for year	Net income for year
Accounts payableCashDividendsOther expensesNet loss for yearDividends	Dividends	Dividends	Dividends	Dividends
Accounts payableCashOther itemsOther expensesNet lossOther items	Other items	Other items	Other items	Other items
Balances, January 31	$Balances, January 31	$Balances, January 31	$Balances, January 31	$Balances, January 31

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3. Prepare Piedmont's balance sheet as of January 31.

Line Item Description	Amount	Amount
Assets
Accounts payableCommon stockCashCost of goods soldOther liabilitiesCash		$Cash
Accounts payableInventoriesOther liabilitiesOther revenue (net)Retained earningsInventories		Inventories
Accounts payableCommon stockIncome tax expenseProperty and equipment, netSalesProperty and equipment, net		Property and equipment, net
CashOther assetsOther expenseOther liabilitiesOther revenue (net)Other liabilities		Other liabilities
Total assets		$Total assets
Liabilities
Accounts payableCommon stockInventoriesProperty and equipment, netReceivablesAccounts payable	$Accounts payable
CashCommon stockDebt and other borrowingsReceivablesRetained earningsDebt and other borrowings	Debt and other borrowings
Common stockCashInventoriesOther liabilitiesRetained earningsOther liabilities	Other liabilities
Total liabilities		$Total liabilities
Stockholders' Equity
Common stockCashInvestmentsProperty and equipment, netReceivablesCommon stock	$Common stock
Accounts payableInventoriesOther liabilitiesProperty and equipment, netRetained earningsRetained earnings	Retained earnings
Accounts payableCashInventoriesDebt and other borrowingsOther stockholder equity itemsOther stockholder equity items	Other stockholder equity items
Total stockholders' equity		Total stockholders' equity
Total liabilities and stockholders' equity		$Total liabilities and stockholders' equity