The following information, based on the 12/31/2021 Annual Report to Shareholders of Krafty Foods ($ in millions):

Accounts payable		2,497
Accounts receivable (net)		3,731
Accrued liabilities		4,705
Cash and cash equivalents		222
Cost of goods sold		18,131
Other current payables		2,252
Current portion of long-term debt		600
Other long-term liabilities		10,911
Retained earnings as of 12/31/2021		2,991
Goodwill and other intangible assets (net)		37,757
Salaries expense		2,165
Interest and other debt expense, net		2,037
Inventories		3,626
Long-term debt		8,734
Long-term notes payable		5,600
Marketing, general and administration expenses		12,060
Operating revenues		36,875
Other current assets		747
Other noncurrent assets		4,326
Other shareholders’ equity		(3,168	)
Common stock		24,255
Property, plant and equipment (net)		9,709
Short-term borrowings		741

Required:
Based on the information presented above, prepare the Income Statement for Krafty Foods for the year ended December 31,2021. (Enter your answers in millions (i.e.,10,000,000 should be entered as 10).)

The following is selected financial information for D. Kay Dental Laboratories for 2020 and 2021:

		2020		2021
Retained earnings, January 1	$	62,000		?
Net income		46,000		51,000
Dividends declared and paid		24,000		27,000
Common stock		79,000		?

Kay issued 2,900 shares of additional common stock in 2021 for$29,000. There were no other shareholder transactions.

Required:
Prepare a statement of shareholders' equity for D. Kay Dental Laboratories for the year ended December 31, 2021.

Answer rating: 100% (QA)

Answer Solution Answer 1 preparation of income statement 1 in... View the full answer