Tobesco Corporation

$2020$ and $2021$ Balance sheets $($in millions$)$

$2020$

$2021$

Change

Assets

Current assets

Cash

$84$

$146$

$62$

Accounts receivable

$165$

$188$

$23$

Inventory

$393$

$422$

$29$

Total current assets

$642$

$756$

$114$

Non$-$current assets

Net plant and equipment

$2731$

$2880$

$149$

Total assets

$3373$

$3636$

$263$

Liabilities and Owners' Equity

Current Liabilities

Accounts payable

$312$

$344$

$32$

Notes payable

$231$

$196$

$-35$

Total current liabilities

$543$

$540$

$-3$

Non$-$current Liabilities

Bank loan

$531$

$457$

$-74$

Total liabilities

$1074$

$997$

$-77$

Owners' equity

Common stock and paid$-$in surplus

$500$

$550$

$50$

Retained earnings

$1799$

$2089$

$290$

Total owners' equity

$2299$

$2639$

$340$

Total liabilities and owner's equity

$3373$

$3636$

$263$

Tobesco Corporation

$2021$ Income Statement $($in millions$)$

Sales

$2311$

Cost of goods sold

$(1,344)$

Gross profit

$967$

SG&A

$(40)$

Other operating expenses

$(40)$

EBITDA

$887$

D&A

$(276)$

EBIT

$611$

Interest income

$76$

Interest expense

$(141)$

Other income

$10$

Other expense

$(5)$

Profit before tax

$551$

Tax expense $(21\%)$

$(116)$

Net profit after tax

$435$

Dividend

$145$

Retained earnings

$290$

Required:

Prepare the Condensed Financial Statements for Tobesco Corporation.