Question: Based on the information in the table below, prepare comparative balance sheets for Windswept Woodworks, Incorporated for years 1 and 2. (Round your answers to
Based on the information in the table below, prepare comparative balance sheets for Windswept Woodworks, Incorporated for years 1 and 2. (Round your answers to the nearest whole number.)
| Windswept Woodworks, Incorporated | ||||
| Input Data | ||||
| (millions of dollars) | ||||
| Year 2 | Year 1 | |||
|---|---|---|---|---|
| Accounts payable | 622 | 554 | ||
| Accounts receivable | 1,466 | 1,000 | ||
| Accumulated depreciation | 6,932 | 6,802 | ||
| Cash & equivalents | 410 | 298 | ||
| Common stock | 1,370 | 1,290 | ||
| Cost of goods sold | 1,590 | n.a. | ||
| Depreciation expense | ? | n.a. | ||
| Common stock dividends paid | ? | n.a. | ||
| Interest expense | 230 | n.a. | ||
| Inventory | 1,200 | 1,196 | ||
| Addition to retained earnings | 602 | n.a. | ||
| Long-term debt | 998 | 906 | ||
| Notes payable | 320 | 470 | ||
| Gross plant & equipment | 10,620 | 10,360 | ||
| Retained earnings | 3,248 | 2,646 | ||
| Sales | 3,108 | n.a. | ||
| Other current liabilities | 206 | 186 | ||
| Tax rate | 21% | n.a. | ||
| Market price per share year end | $ 27.80 | $ 25.50 | ||
| Number of shares outstanding | 500 | million | 500 | million |

Required: Based on the information in the table below, prepare comparative balance sheets for Windswept Woodworks, Incorporated for years 1 and 2. (Round your answers to the nearest whole number.)
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