Campbell Soup Co. (CPB) had the following assets and liabilities (in millions) at the end of Year
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Campbell Soup Co. (CPB) had the following assets and liabilities (in millions) at the end of Year 1.
Assets ....................................... $7,837
Liabilities .................................. 6,304
a. Determine the stockholders’ equity of Campbell Soup at the end of Year 1.
b. If assets decreased by $111 million and liabilities decreased by $223 million, what was the increase or decrease in stockholders’ equity for Year 2 ?
c. What were the total assets, liabilities, and stockholders’ equity at the end of Year 2 ?
d. Based upon your answer to (c), does the accounting equation balance?
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