This problem is based on the 2017 annual report of Campbell Soup Company. Answer the following questions, Refer to the Selected Financial Data for parts (a) to (d). Required: a. Find the net sales in 2014. (Enter your answer in millions.) b. Calculate the operating income (earnings before interest and taxes) in 2013. (Enter your answer in millions.) c. Calculate the difference between operating income (earnings before interest and taxes) and net income (net earnings) in 2015, (Enter your answer in millions.) d. Find the year(s) in which net income (net earnings) decreased compared to the previous year, e. Find the amount of interest paid for 2017 in the Notes to the Consolidated Financial Statements. (Enter your answer in millions.) f. Find the number of stock options exercisable at July 30, 2017 in the Notes to the Consolidated Financial Statements. (Enter your answer in thousands.) g. Find the net sales to customers outside the United States for 2017 in the Notes to the Consolidated Financial Statements. (Enter your answer in millions.) h. Find the cost of products sold for the third quarter of 2017 in the Notes to the Consolidated Financial Statements. (Enter your answer in millions.) milion million million Net sales b. Operating income c. Difference dYear() e Amount of interest paid Number of stock options exorcisable 9. Net sales h. Cost of products million thousand million million Statements of Cash Flows 2017 2016 2015 Cash Flows from Operating Activities Other Benefit related payments Other (53) $ (55) 5 (3) (58) $ (53) 1 (52) (53) $ S 111 Other Cash Flow Information Interest paid Interest received Income taxes paid 110 $ 5$ S 113 $ 4 $ 325 $ 3 320 $ 333 The following table summarizes stock option activity as of July 30, 2017: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Options Price Life Value (Options in (In years) thousands) Outstanding at July 31, 2016 681 S 50.21 Granted 489 s 54.65 Exercised (33) 5 50.21 Terminated (95) S 52.49 Outstanding at July 30, 2017 1.042s 52.08 8.6 5 Exercisable at July 30, 2017 194 S 50.21 8.2 $ The total intrinsic value of options exercised during 2017 was not material During 2016 and 2015, the total intrinsic value of options exercised was $2 and 55. respectively. We measure the fair value of stock options using the Black-Scholes option pricing model. The expected term of options granted was based on the weighted average time of vesting and the end of the contractual term. We utilized this simplified method as we do not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. Geographic Area Information Information about operations in different geographic areas is as follows: 2017 2016 2015 Net sales United States Australia Other countries Total 6,357 $ 610 923 7.890S 6,437 $ 590 934 7.9615 6,400 646 1,036 8,082 2017 2016 2015 S 1987 S Long-lived assets United States Australia Other countries Total 1.967 $ 242 263 1.942 232 173 2.347 202 2,454 5 198 2.407 $ 20. Quarterly Data (unaudited) 2017 First Second 2,202 s 2,171 $ 841 825 292 101 Third Fourth 1,853 $ 1,664 678 715 176 318 .95 33 58 1.05 35 135 35 Net sales. Gross profit Net earnings attributable to Campbell Soup Company Per share - basic Net earnings attributable to Campbell Soup Company Dividends Per share-assuming dilution Net earnings attributable to Campbell Soup Company Market price High Low .35 94 33 .58 1.04 S 62.30 $63.50 $ S 52.74 52.59 S 64.23 $59.14 56.05 S 50.62 This problem is based on the 2017 annual report of Campbell Soup Company. Answer the following questions, Refer to the Selected Financial Data for parts (a) to (d). Required: a. Find the net sales in 2014. (Enter your answer in millions.) b. Calculate the operating income (earnings before interest and taxes) in 2013. (Enter your answer in millions.) c. Calculate the difference between operating income (earnings before interest and taxes) and net income (net earnings) in 2015, (Enter your answer in millions.) d. Find the year(s) in which net income (net earnings) decreased compared to the previous year, e. Find the amount of interest paid for 2017 in the Notes to the Consolidated Financial Statements. (Enter your answer in millions.) f. Find the number of stock options exercisable at July 30, 2017 in the Notes to the Consolidated Financial Statements. (Enter your answer in thousands.) g. Find the net sales to customers outside the United States for 2017 in the Notes to the Consolidated Financial Statements. (Enter your answer in millions.) h. Find the cost of products sold for the third quarter of 2017 in the Notes to the Consolidated Financial Statements. (Enter your answer in millions.) milion million million Net sales b. Operating income c. Difference dYear() e Amount of interest paid Number of stock options exorcisable 9. Net sales h. Cost of products million thousand million million Statements of Cash Flows 2017 2016 2015 Cash Flows from Operating Activities Other Benefit related payments Other (53) $ (55) 5 (3) (58) $ (53) 1 (52) (53) $ S 111 Other Cash Flow Information Interest paid Interest received Income taxes paid 110 $ 5$ S 113 $ 4 $ 325 $ 3 320 $ 333 The following table summarizes stock option activity as of July 30, 2017: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Options Price Life Value (Options in (In years) thousands) Outstanding at July 31, 2016 681 S 50.21 Granted 489 s 54.65 Exercised (33) 5 50.21 Terminated (95) S 52.49 Outstanding at July 30, 2017 1.042s 52.08 8.6 5 Exercisable at July 30, 2017 194 S 50.21 8.2 $ The total intrinsic value of options exercised during 2017 was not material During 2016 and 2015, the total intrinsic value of options exercised was $2 and 55. respectively. We measure the fair value of stock options using the Black-Scholes option pricing model. The expected term of options granted was based on the weighted average time of vesting and the end of the contractual term. We utilized this simplified method as we do not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. Geographic Area Information Information about operations in different geographic areas is as follows: 2017 2016 2015 Net sales United States Australia Other countries Total 6,357 $ 610 923 7.890S 6,437 $ 590 934 7.9615 6,400 646 1,036 8,082 2017 2016 2015 S 1987 S Long-lived assets United States Australia Other countries Total 1.967 $ 242 263 1.942 232 173 2.347 202 2,454 5 198 2.407 $ 20. Quarterly Data (unaudited) 2017 First Second 2,202 s 2,171 $ 841 825 292 101 Third Fourth 1,853 $ 1,664 678 715 176 318 .95 33 58 1.05 35 135 35 Net sales. Gross profit Net earnings attributable to Campbell Soup Company Per share - basic Net earnings attributable to Campbell Soup Company Dividends Per share-assuming dilution Net earnings attributable to Campbell Soup Company Market price High Low .35 94 33 .58 1.04 S 62.30 $63.50 $ S 52.74 52.59 S 64.23 $59.14 56.05 S 50.62