The balance sheet as of December 31, 2007, of Colgate Palmolive Company (Colgate), a U.S consumer products manufacturer, appears in Exhibit 1.10. Colgate reports all amounts in millions of U.S dollars ($). Answer the following questions that pertain to the information in this exhibit.
a. What is Colgate€™s largest asset, and what is the asset€™s carrying value on the balance sheet?
b. What is the total amount of Colgate€™s noncurrent assets?
c. What is Colgate€™s largest liability, and what is the liability€™s carrying value on the balance sheet?
d. By how much do Colgate€™s current assets differ from its current liabilities?
e. Has Colgate been profitable since its inception? How do you know?
f. What fraction of its assets does Colgate finance with liabilities?
g. Verify that Colgate€™s assets equal the sum of liabilities plus shareholders€™equity.

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Colgate Palmolive Company Consolidated Balance Sheet EXHIBIT 1.10 As of December 31, 2007 Assets Current Assets $ 428.7 Cash and cash equivalents Receivables Inet of allowances of $506 and $464, respectively) 1,680.7 Inventories 1,171.0 338.1 Other current assets Total current assets 3,618.5 Property, plant and equipment, net Goodwill, net Other intangible assets, net Other assets 3,015.2 2,272.0 844.8 361.5 $10,112.0 Tatal assets Liabilities and Shareholders' Equity Current Liabilities $ 155.9 Notes and loans payable Current portion of long term debt Accounts payable Accrued incame taxes 138.1 1,066.8 262.7 1,539.2 Other accruals Total current liabilities 3,162.7 Long-term debt Deferred income taxes 3,221.9 264.1 Other liabilities 1,177.1 Total labilities 7,825.8 Commitments and contingent liabities Shareholders Equity Preference stock 197.5 Common stock, Si par value (1,000,000,000 shares authorized, 732,853,180 shares issued) Additional paid-in capital Retained earnings Accumulated other comprehensive income 732.9 1,517.7 10,627.5 (1,666.8) 11,408.8 Unearned compensation Treasury stock, at cost (218.9) (8,903.7) Total shareholders equity 2,286.2 Total liabilities and shareholders'equity $10,112.0