The following information, based on the 12/31/09 Annual Report to Shareholders of Krafty Foods ($ in millions):

Question:

The following information, based on the 12/31/09 Annual Report to Shareholders of Krafty Foods ($ in millions): Accounts payable 1897 Accounts receivable (net) 3131 Accrues liabilities and taxes 4105 Cash and cash equivalents 162 Cost of Sales 17531 Current payables to parent and affiliates 1652 Deferred income taxes and oth liabilities 10311 Current portion of longterm debt 540 Earnings retained in business 12/31/09 2391 Goodwill and other intangible assets -net 35957 Income tax expense 1565 Interest and other debt 1437 Inventories 3026 Long term debt 8134 Long term notes payable to affiliates 5000 Marketing, general and admin expenses 11460 Operating revenues 33875 Other current assets 687 Other noncurrent assets 3726 Other stockholders equity (2568) Paid-in capital for common and pref stock 23655 Property, plant and equipment 9109 Short-term borrowings 681 Based on the information provided above, prepare the 12/ 31 Balance sheet for Krafty Foods

Goodwill
Goodwill is an important concept and terminology in accounting which means good reputation. The word goodwill is used at various places in accounting but it is recognized only at the time of a business combination. There are generally two types of... Intangible Assets
An intangible asset is a resource controlled by an entity without physical substance. Unlike other assets, an intangible asset has no physical existence and you cannot touch it.Types of Intangible Assets and ExamplesSome examples are patented... Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...