Question

Suppose the following items were taken from the 2022 financial statements of Texas Instruments, Inc. (All dollars are in millions.) Common stock $2,620 Accumulated depreciation-equipment $2,310 Prepaid rent 160 Accounts payable 1,250 Equipment 6,300 Patents 2,080 Stock investments (long-term) 600 Notes payable (long-term) 740 Debt investments (short-term) 1,690 Retained earnings 8,120 Income taxes payable 180 Accounts receivable 1,950 Cash 1,170 Inventory 1,290 Prepare a classified balance sheet in good form as of December 31, 2022. (List Current Assets in order of liquidity) TEXAS INSTRUMENTS, INC. Balance Sheet (in millions) Assets $ 30 3 5 6 & 7 8 9

Answer 1

Balance Sheet (December 31, 2022)
Assets
Current assets
Cash	$            1,170
Debt Investments (Short-term)	$            1,690
Accounts receivable	$            1,930
Inventories	$            1,290
Prepaid Rent	$                160
Total current assets		$         6,240
Investments
Stock Investments (long-term)		$             600
Property, plant, and equipment
Equipment	$            6,300
Less : Accumulated depreciation	$           (2,310)
Net property, plant, and equipment		$         3,990
Intangible assets
Patents		$         2,080
Total assets		$       12,910
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable	$            1,250
Income tax payable	$                180
Total current liabilities		$         1,430
Long-term liabilities
Notes Payable (Long-term)		$             740
Total liabilities		$         2,170
Shareholders' equity
Common stock	$            2,620
Retained earnings	$            8,120
Total shareholders' equity		$       10,740
Total liabilities and shareholders' equity		$       12,910

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