Following are the financial statements of Snap-On Inc. for the year ended December 31,2016. Proses a forecasted income statement and balance sheet for the company for the next year.

 To forecast the financial statements, make the following assumptions. For accounts that are not included in the list below, assume that the amount will not change for the forecasted year.

 

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14. Following are the financial statements of Snap-On Inc. for the year ended December 31, 2016. Prepare a forecasted income statement and balance sheet for the company for the next year. (in millions) Cash and cash equivalents Trade and other accounts receivable-net Finance receivables-net Contract receivables-net Inventories, net Prepaid expenses and other assets Total current assets Property and equipment, net Deferred income tax assets Long-term finance receivables-net Long-term contract receivables-net Goodwill Other intangibles, net Other assets SNAP-ON INCORPORATED Consolidated Balance Sheets Total assets Notes payable and current maturities of LT debt Accounts payable Accrued benefits Accrued compensation Franchise deposits Other accrued Sabilities Total current liabilities Long-term debt Deferred income tax liabilities Retiree health care benefits Pension fiabilities Other long-term liabilities Total liabilities Shareholders' equity attributable to Snap-On Inc. Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Treasury stock at cost Total shareholders' equity attributable to Snap-On Inc. Noncontrolling interests Total shareholders' equity Total liabilities and shareholders' equity 2016 $77.6 598.8 472.5 88.1 530,5 116.5 1,884,0 425.2 72.8 934,5 286.7 895.5 184.6 39.9 $4,723.2 $ 301,4 170.9 52.8 89.8 66,7 307.9 989.5 708.8 13.1 36.7 246.5 93.4 2,088.0 674 317.3 3,384.9 (498.5) (653.9) 2.617.2 18.0 $ 92.8 562.5 447.3 82.1 497.8 106.3 2015 1,788,8 413.5 60,4 772.7 266.6 7.90.1 195.0 44.0 $4,331.1 $18.4 148.3 52.1 91.0 64,4 296.0 670.2 861.7 14.3 37.9 227.8 88.5 1,900.4 67.4 296.3 2,986.9 (364.2) (573.7) 2.412.7 18.0 2.635.2 2,430.7 $4,723.2 $4.331.1 14. Following are the financial statements of Snap-On Inc. for the year ended December 31, 2016. Prepare a forecasted income statement and balance sheet for the company for the next year. (in millions) Cash and cash equivalents Trade and other accounts receivable-net Finance receivables-net Contract receivables-net Inventories, net Prepaid expenses and other assets Total current assets Property and equipment, net Deferred income tax assets Long-term finance receivables-net Long-term contract receivables-net Goodwill Other intangibles, net Other assets SNAP-ON INCORPORATED Consolidated Balance Sheets Total assets Notes payable and current maturities of LT debt Accounts payable Accrued benefits Accrued compensation Franchise deposits Other accrued Sabilities Total current liabilities Long-term debt Deferred income tax liabilities Retiree health care benefits Pension fiabilities Other long-term liabilities Total liabilities Shareholders' equity attributable to Snap-On Inc. Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Treasury stock at cost Total shareholders' equity attributable to Snap-On Inc. Noncontrolling interests Total shareholders' equity Total liabilities and shareholders' equity 2016 $77.6 598.8 472.5 88.1 530,5 116.5 1,884,0 425.2 72.8 934,5 286.7 895.5 184.6 39.9 $4,723.2 $ 301,4 170.9 52.8 89.8 66,7 307.9 989.5 708.8 13.1 36.7 246.5 93.4 2,088.0 674 317.3 3,384.9 (498.5) (653.9) 2.617.2 18.0 $ 92.8 562.5 447.3 82.1 497.8 106.3 2015 1,788,8 413.5 60,4 772.7 266.6 7.90.1 195.0 44.0 $4,331.1 $18.4 148.3 52.1 91.0 64,4 296.0 670.2 861.7 14.3 37.9 227.8 88.5 1,900.4 67.4 296.3 2,986.9 (364.2) (573.7) 2.412.7 18.0 2.635.2 2,430.7 $4,723.2 $4.331.1

Answer rating: 100% (QA)

SNAPON INCORPORATED Consolidated Statement of Earnings Forecasted For the Fiscal Year 2017 in millio... View the full answer