Liberty Corporation reported the following figures: Account 2016 2015 Cash and cash equivalents $ 2 450 $ 2 094 Receivables 1 813 1 611 Inventory 1 324 1 060 Prepaid expenses 1 709 2 120 Total current assets $ 7 296 $ 6 885 Other assets 18 500 15 737 Total assets $25 796 $22 622 Total current liabilities $ 7 230 $ 8 467 Non-current liabilities 4 798 3 792 Share capital 6 568 4 363 Retained earnings 7 200 6 000 Total liabilities and equity $25 796 $22 622 2006 Sales $20 941 Cost of sales 7 055 Selling and general expenses 7 065 Interest expense 210 Income tax expense 2 563 Profit $ 4 048

Liberty Corporation reported the following figures: Account 2016 2015 Cash and cash equivalents $ 2 450 $ 2 094 Receivables 1 813 1 611 Inventory 1 324 1 060 Prepaid expenses 1 709 2 120 Total current assets $ 7 296 $ 6 885 Other assets 18 500 15 737 Total assets $25 796 $22 622 Total current liabilities $ 7 230 $ 8 467 Non-current liabilities 4 798 3 792 Share capital 6 568 4 363 Retained earnings 7 200 6 000 Total liabilities and equity $25 796 $22 622 2006 Sales $20 941 Cost of sales 7 055 Selling and general expenses 7 065 Interest expense 210 Income tax expense 2 563 Profit $ 4 048

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 13MCQ

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SME Balance Sheet 2021 2020 Assets (in millions) Cash 85.960 56.460 Receivables 89.560 80.670 Inventories 55.750 41.260 Other Current Assets 9.950 6.760 Total Current Assets    241.220    185.150 Net Property, Plant, and Equipment 78.970 68.930 Goodwill and Other Intangible Assets 103.110 104.360 Other Non-Current Assets 6.900 4.200 Total Assets    430.200    362.640 Total Liabilities and Shareholders' Equity Payables 83.240         57.48 Current Debt 2.700           2.64 Total Current Liabilities       85.940      60.120 Long-Term Debt 122.000      119.62 Other Liabilities 21.880         22.58 Total Liabilities    229.820    202.320 Common Stock 200.380      160.32 Total Equity       200.38      160.32 Total Liabilities and Equity 430.200 362.640 INCOME STATEMENT 2021 Total Revenue (M)       488.10…
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