Required: a. Enter the beginning (July 28, 2019) and ending (August 2, 2020) account balances for...

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Required: a. Enter the beginning (July 28, 2019) and ending (August 2, 2020) account balances for Accounts Receivable, Inventories, and Payable to Suppliers and Others. Find these amounts on the Consolidated Balance Sheets for Campbell Soup Company, b. From the income statement (Consolidated Statement of Earnings) for Campbell Soup Company for the year ended August 2, 2020, record the following transactions in the model: 1. Net Sales, assuming that all sales were made on account. 2. Cost of Products Sold, assuming that all costs were transferred from inventories. 3. Marketing, Selling, and Administrative Expenses, assuming all of these expenses were accrued in the Payable to Suppliers and Others liability category as they were incurred. c. Assuming that the only other transactions affecting these balance sheet accounts were those described next, calculate the amount of each transaction: 1. Purchases of inventories on account. 2. Collections of accounts receivable. 3. Payments to suppliers and others. Current assets Cash and cash equivalents Accounts receivable, net Inventories Other current assets Current assets of discontinued operations CAMPBELL SOUP COMPANY Consolidated Balance Sheets (millions, except per share amounts) Total current assets Plant assets, net of depreciation Goodwill Other intangible assets, net of amortization Other assets ($76 as of 2019 attributable to variable interest entity) Noncurrent assets of discontinued operations Total assets Current liabilities Short-term borrowings Payable to suppliers and others Accrued liabilities Dividends payable Accrued income taxes Current liabilities of discontinued operations Total current liabilities Long-term debt Deferred taxes Other liabilities Noncurrent liabilities of discontinued operations Total liabilities Commitments and contingencies Campbell Soup Company shareholders' equity Preferred stock; authorized 40 shares; none issued Capital stock, $.0375 par value; authorized 560 shares; issued 323 shares Additional paid-in capital Earnings retained in the business Capital stock in treasury, at cost Accumulated other comprehensive loss Total Campbell Soup Company shareholders' equity Noncontrolling interests Total equity Total liabilities and equity See accompanying Notes to Consolidated Financial Statements. August 2, 2020 $859 575 871 80 2,385 2,368 3,986 3,350 283 $ 12,372 $ 1,202 1,049 693 107 24 3,075 4,994 914 820 9,803 - 12 394 3,190 (1,023) (10) 2,563 6 2,569 $ 12,372 July 28, 2019 $31 574 863 71 428 1,967 2,455 4,017 3,415 127 1,167 $13,148 $1,371 814 609 107 15 469 3,385 7,103 924 559 65 12,036 12 372 1,993 (1,076) (198) 1,103 9 1,112 $13,148 Net sales Costs and expense Cost of products sold Marketing and selling expenses Administrative expenses Research and development expenses Other expenses/ (income) Restructuring charges Total costs and expenses Earnings before interest and taxes Interest expense Interest income Earnings before taxes Taxes on earnings Earnings from continuing operations Earnings (loss) from discontinued operations CAMPBELL SOUP COMPANY Consolidated Statements of Earnings (millions, except per share amounts) Net earnings Less: Net earnings (loss) attributable to noncontrolling interests Net earnings attributable to Campbell Soup Company Per Share-Basic Earnings from continuing operations attributable to Campbell Soup Company Earnings (loss) from discontinued operations Net earnings attributable to Campbell Soup Company Weighted average shares outstanding - basic Per Share-Assuming Dilution Earnings from continuing operations attributable to Campbell Soup Company Earnings (loss) from discontinued operations Net earnings attributable to Campbell Soup Company (1) Weighted average shares outstanding - assuming dilution (1) Sum of the individual amounts may not add due to rounding. See accompanying Notes to Consolidated Financial Statements. 2020 53 weeks $8,691 5,692 947 622 93 221 9 7,584 1,107 345 4 766 174 592 1,036 1,628 $1,628 $1.96 3.43 $5.39 302 $1.95 3.41 $5.36 304 2019 52 weeks $ 8,107 5.414 842 610 91 140 31 7,128 979 356 2 625 151 474 (263) 211 $211 $1.57 (87) $0.70 301 $1.57 (0.87) $0.70 302 2018 52 weeks $6,615 4,241 728 563 91 (73) 55 5,605 1,010 183 3 830 106 724 (463) 261 $261 $2.41 (154) $0.87 301 $2.40 (1.53) $0.86 302 a. Beginning balance 1. Net sales - b2. Cost of products sold 63. Marketing, selling and administrative expenses c1. Purchases of inventories on account c2. Collections of accounts receivable. c3. Payments to suppliers and others a. Ending balance Cash and Cash Equivalents 310 8,690 (7,018) Answer is complete but not entirely correct. Assets Accounts Receivable, net $ 574 8,691 (8,690) Inventories 575 $ 863 (5,092) 5,700 Liabilities Payable to Suppliers and Others 8140 (1,500) 5,684 (7,018) 871 $ (2,089) Revenues Net Sales 8.691 Cost of Products Sold Expenses (5,692) Marketing, Selling, and Administrative (1,569) Required: a. Enter the beginning (July 28, 2019) and ending (August 2, 2020) account balances for Accounts Receivable, Inventories, and Payable to Suppliers and Others. Find these amounts on the Consolidated Balance Sheets for Campbell Soup Company, b. From the income statement (Consolidated Statement of Earnings) for Campbell Soup Company for the year ended August 2, 2020, record the following transactions in the model: 1. Net Sales, assuming that all sales were made on account. 2. Cost of Products Sold, assuming that all costs were transferred from inventories. 3. Marketing, Selling, and Administrative Expenses, assuming all of these expenses were accrued in the Payable to Suppliers and Others liability category as they were incurred. c. Assuming that the only other transactions affecting these balance sheet accounts were those described next, calculate the amount of each transaction: 1. Purchases of inventories on account. 2. Collections of accounts receivable. 3. Payments to suppliers and others. Current assets Cash and cash equivalents Accounts receivable, net Inventories Other current assets Current assets of discontinued operations CAMPBELL SOUP COMPANY Consolidated Balance Sheets (millions, except per share amounts) Total current assets Plant assets, net of depreciation Goodwill Other intangible assets, net of amortization Other assets ($76 as of 2019 attributable to variable interest entity) Noncurrent assets of discontinued operations Total assets Current liabilities Short-term borrowings Payable to suppliers and others Accrued liabilities Dividends payable Accrued income taxes Current liabilities of discontinued operations Total current liabilities Long-term debt Deferred taxes Other liabilities Noncurrent liabilities of discontinued operations Total liabilities Commitments and contingencies Campbell Soup Company shareholders' equity Preferred stock; authorized 40 shares; none issued Capital stock, $.0375 par value; authorized 560 shares; issued 323 shares Additional paid-in capital Earnings retained in the business Capital stock in treasury, at cost Accumulated other comprehensive loss Total Campbell Soup Company shareholders' equity Noncontrolling interests Total equity Total liabilities and equity See accompanying Notes to Consolidated Financial Statements. August 2, 2020 $859 575 871 80 2,385 2,368 3,986 3,350 283 $ 12,372 $ 1,202 1,049 693 107 24 3,075 4,994 914 820 9,803 - 12 394 3,190 (1,023) (10) 2,563 6 2,569 $ 12,372 July 28, 2019 $31 574 863 71 428 1,967 2,455 4,017 3,415 127 1,167 $13,148 $1,371 814 609 107 15 469 3,385 7,103 924 559 65 12,036 12 372 1,993 (1,076) (198) 1,103 9 1,112 $13,148 Net sales Costs and expense Cost of products sold Marketing and selling expenses Administrative expenses Research and development expenses Other expenses/ (income) Restructuring charges Total costs and expenses Earnings before interest and taxes Interest expense Interest income Earnings before taxes Taxes on earnings Earnings from continuing operations Earnings (loss) from discontinued operations CAMPBELL SOUP COMPANY Consolidated Statements of Earnings (millions, except per share amounts) Net earnings Less: Net earnings (loss) attributable to noncontrolling interests Net earnings attributable to Campbell Soup Company Per Share-Basic Earnings from continuing operations attributable to Campbell Soup Company Earnings (loss) from discontinued operations Net earnings attributable to Campbell Soup Company Weighted average shares outstanding - basic Per Share-Assuming Dilution Earnings from continuing operations attributable to Campbell Soup Company Earnings (loss) from discontinued operations Net earnings attributable to Campbell Soup Company (1) Weighted average shares outstanding - assuming dilution (1) Sum of the individual amounts may not add due to rounding. See accompanying Notes to Consolidated Financial Statements. 2020 53 weeks $8,691 5,692 947 622 93 221 9 7,584 1,107 345 4 766 174 592 1,036 1,628 $1,628 $1.96 3.43 $5.39 302 $1.95 3.41 $5.36 304 2019 52 weeks $ 8,107 5.414 842 610 91 140 31 7,128 979 356 2 625 151 474 (263) 211 $211 $1.57 (87) $0.70 301 $1.57 (0.87) $0.70 302 2018 52 weeks $6,615 4,241 728 563 91 (73) 55 5,605 1,010 183 3 830 106 724 (463) 261 $261 $2.41 (154) $0.87 301 $2.40 (1.53) $0.86 302 a. Beginning balance 1. Net sales - b2. Cost of products sold 63. Marketing, selling and administrative expenses c1. Purchases of inventories on account c2. Collections of accounts receivable. c3. Payments to suppliers and others a. Ending balance Cash and Cash Equivalents 310 8,690 (7,018) Answer is complete but not entirely correct. Assets Accounts Receivable, net $ 574 8,691 (8,690) Inventories 575 $ 863 (5,092) 5,700 Liabilities Payable to Suppliers and Others 8140 (1,500) 5,684 (7,018) 871 $ (2,089) Revenues Net Sales 8.691 Cost of Products Sold Expenses (5,692) Marketing, Selling, and Administrative (1,569)