Question

16-BI Classified Balance Sheet Intel, the world's largest microprocessor chip company, lists the following balance sheet items for January 1, 2012 in millions): Property, plant, and equipment, at cost $58,073 Short-term investments 5,181 Common stock and capital in excess of par value 17,036 Cash and cash equivalents 5,065 Other accrued liabilities 2,814 Accounts receivable 3,650 Other current assets 7,880 Accumulated depreciation (34,446) Accounts payable Identified intangible assets 6,267 Inventories 4,096 Deferred income 1,929 Accrued advertising liability 1,134 Other assets 4,648 Other long-term liabilities 3,479 Accumulated other comprehensive income (loss) Goodwill 9,254 Accrued compensation and benefits 2,948 Long-term investments 1,451 Long-term deferred liabilities 2,617 Short-term debt 247 Long-term debt 7,084 Retained earnings 29,656 Prepare a balance sheet in proper form for Intel. Include the proper amount for accounts payable. (781) 700 PART 5 BASIC FINANCIAL ACCOUNTING

Answer 1

INTEL
Balance Sheet
As of January 1, 2012 (in millions)
Current Assets:
Cash	$5,065
Accounts Receivable	$3,650
Short-term Investment	$5,181
Inventory	$4,096
Other Current Assets	$7,880
Accrued compensation and benefits	$2,948
Total Current Assets	$28,820
Long-Term Assets:
Property, plant and equipment, net	$23,627
Intangible Assets	$6,267
Goodwill	$9,254
Long-Term Investments	$1,451
Other Assets	$4,648
Total Long-Term Assets	$45,247
Total Assets	$74,067
Current Liabilities:
Accounts Payable		$5,904
Deferred Income		$1,929
Other accrued liabilities		$3,948
Short-term debt		$247
Accrued compensation and benefits		$2,948
Total Current Liabilities		$14,976
Long-Term Liabilities:
Long-term debt		$7,084
Other Long Term Liabilities		$3,479
Long-term deffered Liabilities		$2,617
Total Long-Term Liabilities		$13,180
Equity:
Common Stock in excess of par value		$17,036
Retained Earnings		$29,656
Accumulated other comprehensive income (loss)		($781)
Total Equity		$45,911
Total Liabilities and Equity		$74,067