Question: Based on the information in the table below, prepare comparative balance sheets for Windswept Woodworks, Inc. for years 1 and 2. (Round your answers to
Based on the information in the table below, prepare comparative balance sheets for Windswept Woodworks, Inc. for years 1 and 2. (Round your answers to the nearest whole number.)
| Windswept Woodworks, Inc. | ||||||
| Input Data | ||||||
| (millions of dollars) | ||||||
| Year 2 | Year 1 | |||||
| Accounts payable | 522 | 454 | ||||
| Accounts receivable | 1,376 | 910 | ||||
| Accumulated depreciation | 6,842 | 6,712 | ||||
| Cash & equivalents | 310 | 198 | ||||
| Common stock | 1,280 | 1,200 | ||||
| Cost of goods sold | 1,500 | n.a. | ||||
| Depreciation expense | ? | n.a. | ||||
| Common stock dividends paid | ? | n.a. | ||||
| Interest expense | 140 | n.a. | ||||
| Inventory | 1,110 | 1,106 | ||||
| Addition to retained earnings | 602 | n.a. | ||||
| Long-term debt | 908 | 816 | ||||
| Notes payable | 230 | 380 | ||||
| Gross plant & equipment | 10,260 | 10,000 | ||||
| Retained earnings | 3,158 | 2,556 | ||||
| Sales | 3,018 | n.a. | ||||
| Other current liabilities | 116 | 96 | ||||
| Tax rate | 34 | % | n.a. | |||
| Market price per share year end | $ | 19.80 | $ | 17.50 | ||
| Number of shares outstanding | 500 | million | 500 | million | ||
| Assets | Liabilities and Equity | ||||
| Year 2 | Year 1 | Year 2 | Year 1 | ||
| Current assets | Liabilities | ||||
| Cash &equivalents | $ | $ | Accounts payable | $ | $ |
| Accounts receivable | $ | $ | Notes payable | $ | $ |
| Inventory | $ | $ | Other current liabilities | $ | $ |
| Total current assets | $ | $ | Total current liabilities | $ | $ |
| Long-term debt | $ | $ | |||
| Fixed assets | Total liabilities | $ | $ | ||
| Gross plant & equipment | $ | $ | |||
| Accumulated depreciation | $ | $ | Owners' equity | ||
| Net plant and equipment | $ | $ | Common stock | $ | $ |
| Retained earnings | $ | $ | |||
| Total assets | $ | $ | Total equity | $ | $ |
| Total liabilities and equity | $ | $ | |||
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