Assessment Assignment Leslie's Landscaping Inc. Balance Sheet as of December 31, 2017 and 2016 (in millions of dollars) 2017 2016 2017 2016 Assets Liabilities and Equity Current assets: Current liabilities: Cash and marketable securities Accounts receivable Inventory 17 42 30 89 38 33 Accured wages and taxes 19 65 55 Accounts payable 138 110 Notes payable $244 $198 Total Total 179 Fixed assets: Long-term debt: Gross plant and equipment Less: Depreciation Net plant and equipment 365 325 Stockholders' equity: 55 270 Preferred stock (5 million shares) Common stock and paid-in surplus (20 million shares) 5 40 74 40 209 217 262 Retained earnings 54 36324 Other long-term assets 45 254 Total Total 522 577 522 Total liabilities and equity Total assets Free Cash Flow: Leslie's Landscaping Inc., had free cash flows during 2017 of $45 million, EBIT of $98 million, and depreciation of $17 million. Taxes paid on its EBIT is $10 million. Utilizing the information, fill in the blanks on Leslie's Landscaping Balance Sheet above.

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business…