The following information is based on the fiscal Year 7 balance sheet of Delicious Foods Group, a
Question:
The following information is based on the fiscal Year 7 balance sheet of Delicious Foods Group, a Belgian food distributor. Delicious Foods applies IFRS and reports its results in millions of euros. Prepare a balance sheet for Delicious Foods that uses a format common to firms reporting under U.S. GAAP.
Assets
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . €2,445.7
Intangible Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 552.1
Property, Plant, and Equipment . . . . . . . . . . . . . . . . . . . 3,383.1
Other Noncurrent Assets . . . . . . . . . . . . . . . . . . . . . . . . 244.0
€6,624.9
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . €1,262.0
Receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 564.6
Other Current Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . 121.5
Cash and Cash Equivalents . . . . . . . . . . . . . . . . . . . .. 248.9
€2,197.0
Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . €8,821.9
Liabilities and Equity
Share Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . € 50.1
Share Premium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,698.9
Retained Earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,355.3
Other Reserves and Adjustments . . . . . . . . . . . . . . . . . (1,428.3)
Total Shareholders’ Equity. . . . . . . . . . . . . . . . . . . . . . . €3,676.0
Long-Term Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . €1,911.7
Obligations Under Finance Leases. . . . . . . . . . . . . . . . . 595.9
Provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207.2
Other Noncurrent Liabilities . . . . . . . . . . . . . . . . . . . . . . 210.4
Total Noncurrent Liabilities. . . . . . . . . . . . . . . . . . . . . . . . €2,925.2
Short-Term Borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . € 41.5
Long-Term Debt, Current Portion . . . . . . . . . . . . . . . . . . 108.9
Obligations Under Finance Lease, Current Portion . . . . . 39.0
Provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41.8
Income Tax Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58.7
Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,435.8
Accrued Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . 375.7
Other Current Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . 119.3
Total Current Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . €2,220.7
Total Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . €5,145.9
Total Liabilities and Equity . . . . . . . . . . . . . . . . . . . . . €8,821.9
An intangible asset is a resource controlled by an entity without physical substance. Unlike other assets, an intangible asset has no physical existence and you cannot touch it.Types of Intangible Assets and ExamplesSome examples are patented... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Step by Step Answer:
DELICIOUS FOODS GROUP Balance Sheet For Fiscal Year 7 amounts in millions of euros Assets Current As...View the full answer
Financial Accounting An Introduction to Concepts, Methods and Uses
ISBN: 978-1133591023
14th edition
Authors: Roman L. Weil, Katherine Schipper, Jennifer Francis
