Analyze several accounts using Intel Corporation annual report data Set
up a horizontal model in the following format:
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| Assets | Liabilities |
| Revenues | Expenses
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| Cash and Cash Equivalents | Accounts Receivable, net | Inventories | Accounts Payable | Net Revenue | Cost of Sales | Marketing, General, and Administrative |
Beginning balance |
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Net revenue |
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Cost of sales |
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Marketing, general, and administrative expenses |
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Purchases on account |
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Collections of accounts receivable |
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Payments of accounts payable |
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Ending balance |
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Required:
a. Enter the beginning (December 29, 2007) and ending (December 27, 2008) account balances for Accounts Receivable, Inventories, and Accounts Payable. Find these amounts on the balance sheet for Intel Corporation in the appendix.
b. From the income statement for Intel Corporation for the year ended December 27, 2008, in the appendix, record the following transactions in the model:
1. Net Revenue, assuming that all sales were made on account.
2. Cost of Sales, assuming that all costs were transferred from inventories.
3. Marketing, General, and Administrative Expenses, assuming all of these expenses were accrued in the Accounts Payable liability account as they were incurred.
c. Assuming that the only other transactions affecting these balance sheet accounts were those described next, calculate the amount of each transaction:
1. Purchases of inventories on account.
2. Collections of accounts receivable.
3. Payments of accounts payable.
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