The General Forge and Foundry Company is a hypothetical company with the following balance sheet at the end of its 20ththyear of operations. For the 21ststyear, some parts are still incomplete. Use the information given to complete the balance sheet.

General Forge and Foundry Company Balance Sheet For the Year Ended on December 31 (Millions of dollars)
	Year 21	Year 20		Year 21	Year 20
Assets			Liabilities
Current assets:			Current liabilities:
Cash and marketable securities		922	Accounts payable	0	0
Accounts receivable	422	338	Accruals	59	0
Inventories	1,237	990	Notes payable	331	312
Total current assets	2,812	2,250	Total current liabilities		312
Net fixed assets:			Long-term debt	1,172	938
Net plant and equipment		2,750	Total liabilities	1,562	1,250
(cost minus depreciation)
			Common equity:
			Common stock	3,047	2,438
			Retained earnings		1,312
			Total common equity	4,688	3,750
Total assets	6,250	5,000	Total liabilities and equity	6,250	5,000

Answer rating: 100% (QA)

The year 21 can have a few interpretations in finance depending on the contextHere are some ... View the full answer