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