Question
The following information, based on the 12/31/13 Annual Report to Shareholders of Krafty Foods ($ in millions): Accounts Payable $1,897 Accounts Receivables (net) $3,131 Accured
The following information, based on the 12/31/13 Annual Report to Shareholders of Krafty Foods ($ in millions): Accounts Payable $1,897 Accounts Receivables (net) $3,131 Accured liabilities and taxes $4,105 Cash and cash equivalents $162 Cost of sales $17,531 Current payables to parent and affiliates $1,652 Current portion of long-term debt $540 Deferred income taxes and other liabilities $10,311 Earned retained in the business as of 12/31/09 $2,391 Goodwill and other intangible assets (net) $35,951 Income Tax Expense $1,437 Inventories $3,026 Long-term debt $8,134 Long-term notes payable to parent and affiliates $5,000 Marketing, general and administration expenses $11,460 Operating Revenues $33,875 Other current assets $687 Other non-current assets $3,726 Other stock holders equity $2,568 Paid-in capital for common and preferred stock $23,665 Property Plant and Equipment (net) $9,109 Short term borrowings $681 . Based on the information presented above, prepare the 2009 Income Statement for Krafty Foods. The Prepare the closing entries for Kraft Foods Compnay for the year ended December 31, 2013.
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