Brinker International, Inc.'s financial statements state: "We are principally engaged in the ownership, operation, development, and franchising of the Chili's® Grill & Bar and Maggiano's Little Italy® restaurant brands. At June 30, 2019, we owned, operated, or franchised 1,665 restaurants, consisting of 1,001 Company-owned restaurants and 664 franchised restaurants, located in the United States, 29 countries and two Brinker INTERNATIONAL. MAGGIANO'S LITTLE ITALY United States territories." Below is an alphabetical list of Brinker's accounts and account balances as of Dec 31, 2019 (all amounts in millions of US dollars). Identify the accounts that would appear on Brinker's BALANCE SHEET and then use this information to re-create Brinker's 2019 Balance Sheet on the following page. Accounts payable 97-5 Accounts receivable 55.0 Cash 13.4 Common stock 534.0 Cost of goods sold 823.0 Current portion of long-term debt 9.7 Income tax expense 16.9 Interest expense 61.6 Inventory 70.3 Intangible assets 326.2 Long-term debt Other accrued expenses 1,206.6 131.4 Other long-term liabilities 408.3 Prepaid expenses 38.3 Property and equipment, net Retained earnings (ending balance on 12/31/19) 755.1 2,771.2 Sales revenue 3,217.9 Selling, general and administrative expenses 1,101.8 Treasury stock (4,083.4) Wages expense 1,059.7 Wages payable Unearned revenue gift cards 82.1 100.9
Brinker International, Inc.'s financial statements state: "We are principally engaged in the ownership, operation, development, and franchising of the Chili's® Grill & Bar and Maggiano's Little Italy® restaurant brands. At June 30, 2019, we owned, operated, or franchised 1,665 restaurants, consisting of 1,001 Company-owned restaurants and 664 franchised restaurants, located in the United States, 29 countries and two Brinker INTERNATIONAL. MAGGIANO'S LITTLE ITALY United States territories." Below is an alphabetical list of Brinker's accounts and account balances as of Dec 31, 2019 (all amounts in millions of US dollars). Identify the accounts that would appear on Brinker's BALANCE SHEET and then use this information to re-create Brinker's 2019 Balance Sheet on the following page. Accounts payable 97-5 Accounts receivable 55.0 Cash 13.4 Common stock 534.0 Cost of goods sold 823.0 Current portion of long-term debt 9.7 Income tax expense 16.9 Interest expense 61.6 Inventory 70.3 Intangible assets 326.2 Long-term debt Other accrued expenses 1,206.6 131.4 Other long-term liabilities 408.3 Prepaid expenses 38.3 Property and equipment, net Retained earnings (ending balance on 12/31/19) 755.1 2,771.2 Sales revenue 3,217.9 Selling, general and administrative expenses 1,101.8 Treasury stock (4,083.4) Wages expense 1,059.7 Wages payable Unearned revenue gift cards 82.1 100.9
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:Brinker International, Inc.'s financial statements state:
"We are principally engaged in the ownership, operation, development,
and franchising of the Chili's® Grill & Bar and Maggiano's Little Italy
restaurant brands. At June 30, 2019, we owned, operated, or franchised
1,665 restaurants, consisting of 1,001 Company-owned restaurants and 664
franchised restaurants, located in the United States, 29 countries and two
Brinker
INTERNATIONAL.
MAGGIANO'S
LITTLE ITALY
United States territories."
Below is an alphabetical list of Brinker's accounts and account balances as of Dec 31, 2019 (all amounts
in millions of US dollars). Identify the accounts that would appear on Brinker's BALANCE SHEET and
then use this information to re-create Brinker's 2019 Balance Sheet on the following page.
Accounts payable
97.5
Accounts receivable
55.0
Cash
13.4
Common stock
534.0
Cost of goods sold
823.0
Current portion of long-term debt
9.7
Income tax expense
16.9
Interest expense
61.6
Inventory
70.3
Intangible assets
326.2
Long-term debt
Other accrued expenses
1,206.6
131.4
Other long-term liabilities
408.3
Prepaid expenses
38.3
Property and equipment, net
755.1
Retained earnings (ending balance on 12/31/19)
2,771.2
Sales revenue
3,217.9
Selling, general and administrative expenses
1,101.8
Treasury stock
(4,083.4)
Wages expense
1,059.7
Wages payable
82.1
Unearned revenuegift cards
100.9
Transcribed Image Text:Prepare Brinker's classified BALANCE SHEET as of Dec. 31, 2019 by filling in the appropriate accounts and
amounts in the shaded boxes below. I indicated the locations of the subtotals and totals so you know
how many accounts are included in each section and listed the first account (Cash) to get you started.
Brinker
INTERNATIONAL.
Consolidated Balance Sheet
As of December 31, 2019
In millions of $
ASSETS
Cash
13.4
Total Current Assets
Total Assets
LIABILITIES
Total Current Liabilities
Total Liabilities
STOCKHOLDERS' EQUITY
Total Stockholders' Equity
Total Liabilities and Stockholders' Equity
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