Question

Consolidated Condensed Balance Sheets - USD ($) $ in Millions F/S Mar. 30, 2019 DR $80.60 401.2 CR 25.7 Cash and cash equivalents Accounts receivable Allowance for Bad Debt Short term investments Finished products Raw materials and work-in-process | Prepaid expenses and other current assets 70 359.2 14.8 45.4 385.6 252.6 157.2 425.9 604.5 70.7 14.5 Property, plant and equipment, at cost Accumulated depreciation Lease right-of-use assets, net Goodwill Indefinite-lived intangibles Amortizable intangibles, net Equity method investments Accounts payable | Accrued salaries and wages Other accrued liabilities Current maturities of long-term debt Other short-term notes Operating Lease, Liability, Current Long-term debt, less current maturities Operating Lease, Liability, Noncurrent Accrued pension liabilities Deferred income taxes Environmental liabilities and other liabilities Common Stock - par value $1, authorized 320,000,000 shares; shares issued |(including shares in treasury): March 30, 2019: 107,881,756 shares; December 29, 2018: 107,609,206 shares Additional paid-in capital Retained earnings Accumulated other comprehensive loss Cost of shares in treasury: March 30, 2019: 19,152,384 shares Revenue Cost of goods sold Selling, general and administrative expenses Depreciation expense 112.6 16.9 98 10 326 28.6 435.3 147.3 92.1 108.6 58.6 107.9 208 1,175.30 88.3 520 $523.40 303.2 150

1. “FS” indicate which financial statement will include each account listed on the working trial balance using these abbreviations:

• B for balance sheet
• I for income statement
• C for statement of comprehensive income
• S for statement of shareholders’ equity

2. Make trail balance, income statement and balance sheet

Answer 1

Particulars	Mar,30, 2019	FS
	USD in millions
Cash and cash equivalents	80.6	B
Accounts receivable	401.2	B
Allowance for bad bebt	25.7	B
Short term investments	70	B
Finished products	359.2	B
Raw materials and work-in-process	14.8	B
Prepaid expenses and other current assets	45.4	B
Property, plant and equipment, at cost	385.6	B
Accumlated Property	252.6	B
Lease right of use assets	157.2	B
Goodwill	425.9	B
Indefinite-lived intangibles	604.5	B
Amortizable Intangibles, net	70.7	B
Equity method investment	14.5	B
Accounts payable	112.6	B
Accured salaries and wages	16.9	B
Other accrued liabilities	98	B
Current maturities of long term debts	10	B
Other short term notes	326	B
Operating lease, liability, current	28.6	B
Long term debt, less current maturities	435.3	B
Operating lease, liability, Noncurrent	147.3	B
Accured pension liabilities	92.1	B
Deferred income taxes	108.6	B
Environmental liabilities and other liabilities	58.6	B
Common stock	107.9	B
Additional paid in capital	208	B
Retained earnings	1175.3	B
Accumlated other comprehensive loss	88.3	B
Cost of shares in treasury, March 20, 2019	520	B
Revenue	523.4	I
Cost of goods sold	303.2	I
Selling, general and administrative expenses	150	I
Depreciation expense	7	I
Stock compensation expense	7	I
Environmental and other related costs	3.8	I
Interest expense	6.9	I
Other Income, Net	1.2	I
Income tax expense	6.1	I
Dividends	8.8	I
Unrealised gains on AFS securities	2.6	I
Trail Balance	Debit	Credit
Cash and cash equivalents	80.6
Accounts receivable	401.2
Allowance for bad bebt		25.7
Short term investments	70
Finished products	359.2
Raw materials and work-in-process	14.8
Prepaid expenses and other current assets	45.4
Property, plant and equipment, at cost	385.6
Accumlated Depreciation		252.6
Lease right of use assets	157.2
Goodwill	425.9
Indefinite-lived intangibles	604.5
Amortizable Intangibles, net	70.7
Equity method investment	14.5
Accounts payable		112.6
Accured salaries and wages		16.9
Other accrued liabilities		98
Current maturities of long term debts		10
Other short term notes		326
Operating lease, liability, current		28.6
Long term debt, less current maturities		435.3
Operating lease, liability, Noncurrent		147.3
Accured pension liabilities		92.1
Deferred income taxes		108.6
Environmental liabilities and other liabilities		58.6
Common stock		107.9
Additional paid in capital		208
Retained earnings		1175.3
Accumlated other comprehensive loss	88.3
Cost of shares in treasury, March 20, 2019	520
Revenue		523.4
Cost of goods sold	303.2
Selling, general and administrative expenses	150
Depreciation expense	7
Stock compensation expense	7
Environmental and other related costs	3.8
Interest expense	6.9
Other Income, Net		1.2
Income tax expense	6.1
Dividends	8.8
Unrealised gains on AFS securities		2.6
	3730.7	3730.7
Income statement
Revenue
Revenue	523.4
Other Income, Net	1.2
Unrealised gains on AFS securities	2.6
Expenses
Cost of goods sold	303.2
Selling, general and administrative expenses	150
Environmental and other related costs	3.8
Total expenses	457
EBIDTA	70.2
Less: Depreciation	7
Less: interest	6.9
Income befoe extrodinary expenses	56.3
Stock compensation expense	7
PBT	49.3
Income tax expense	6.1
PAT	43.2
Dividends	8.8
Profit carry forward to shareholders	34.4
Balance sheet
Assets:
Cash and cash equivalents	80.6
Accounts receivable	401.2
Allowance for bad bebt	-25.7
Short term investments	70
Finished products	359.2
Raw materials and work-in-process	14.8
Prepaid expenses and other current assets	45.4
Property, plant and equipment, at cost	385.6
Accumlated Depreciation	-252.6
Lease right of use assets	157.2
Goodwill	425.9
Indefinite-lived intangibles	604.5
Amortizable Intangibles, net	70.7
Equity method investment	14.5
	2351.3
Liabilities
Accounts payable	112.6
Accured salaries and wages	16.9
Other accrued liabilities	98
Current maturities of long term debts	10
Other short term notes	326
Operating lease, liability, current	28.6
Long term debt, less current maturities	435.3
Operating lease, liability, Noncurrent	147.3
Accured pension liabilities	92.1
Deferred income taxes	108.6
Environmental liabilities and other liabilities	58.6
Common stock	107.9
Additional paid in capital	208
Retained earnings	1209.7
Less: Accumlated other comprehensive loss	-88.3
Less: Cost of shares in treasury, March 20, 2019	-520
	2351.3	0