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 582 514
Accounts receivable 1,426 960
Accumulated depreciation 6,892 6,762
Cash & equivalents 370 258
Common stock 1,330 1,250
Cost of goods sold 1,550 n.a.
Depreciation expense ? n.a.
Common stock dividends paid ? n.a.
Interest expense 190 n.a.
Inventory 1,160 1,156
Addition to retained earnings 602 n.a.
Long-term debt 958 866
Notes payable 280 430
Gross plant & equipment 10,460 10,200
Retained earnings 3,208 2,606
Sales 3,068 n.a.
Other current liabilities 166 146
Tax rate 21% n.a.
Market price per share year end $ 23.80 $ 21.50
Number of shares outstanding 500 million 500 million

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!