Campbell Soup Co. had the following assets and liabilities (in millions) as of August 3, 2003.
Assets ......... $6,205
Liabilities ...... 5,818
a. Determine the stockholders’ equity of Campbell Soup as of August 3, 2003.
b. If assets increased by $470 and liabilities decreased by $17, what was the increase or decrease in stockholders’ equity for the year ending August 1, 2004?
c. What were the total assets, liabilities, and stockholders’ equity as of August 1, 2004?
d. Based upon your answer to (c), does the accounting equation balance?