Sunny Industries had sales of $980 million and a cost of goods sold of $560 million in 202X.

A simplified balance sheet for the firm appears below:

Sunny Industries

Balance Sheet

As of December 31, 202X

(millions of dollars)

Assets Cash Accounts receivable Inventory Total current assets Net plant, property, and equipment Total assets 25 85 90 200 6100 6300 Liabilities and Equity Accounts payable Notes payable Accruals Total current liabilities Long term debt Total liabilities Common equity Total liabilities and equity 60 425 45 530 2725 3255 3045 6300