Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following balance sheet information (in $ millions) comes from the Annual Report to Shareholders of Hotel California for the 2013 fiscal year. (Certain amounts

The following balance sheet information (in $ millions) comes from the Annual Report to Shareholders of Hotel California for the 2013 fiscal year. (Certain amounts have been replaced with question marks to test your understanding of balance sheets.) In addition, youre provided with the follow- ing information from an analysis of Hotel Californias financial position at the same date:

Current ratio = 1.440584

Acid-test ratio = 0.489143

Debt-to-equity ratio = 3.040706

Compute the missing amounts (rounded to the nearest $ in millions) in the Hotel California balance sheet.

Assets

Cash and equivalents $565

Accounts and notes receivable ? Inventory ?

Other 175

Total current assets ?

Property and equipment, net $1,443

Intangible assets, net ? Investments 596

Notes and other receivables, net 988

Other 973

Total non-current asssets ? Total assets 8,934

Liabilities and Shareholders Equity

Current liabilities

Accounts payable

$854

Accrued payroll and benefits

?

Other payables and accruals

996

Total current liabilities

2533

Long-term debt

?

Other long-term liabilities

1,915

Total long-term liabilities ?

Total liabilities

?

Shareholders equity

Common stock

1,136

Additional paid-in capital

3,490

Retained earnings

3,265

Treasury stock and other

(-5,680)

Total shareholders equity

Total liabilities and shareholders equity

2,211

$?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Concepts For A Changing Environment

Authors: Larry E. Rittenberg, Bradley J. Schwieger

5th Edition

0324223102, 978-0324223101

More Books

Students also viewed these Accounting questions