Cadux Candy Company's income statement for the year ended December 31, 2018, reported interest expense...
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Cadux Candy Company's income statement for the year ended December 31, 2018, reported interest expense of $5 million and income tax expense of $30 million. Current assets listed in its balance sheet include cash, accounts receivable, and inventories. Property, plant, and equipment is the company's only noncurrent asset. Financial ratios for 2018 are listed below. Profitability and turnover ratios with balance sheet items in the denominator were calculated using year-end balances rather than averages. Debt to equity ratio 0.8 Current ratio 2.0 Acid-test ratio 1.0 Times interest earned ratio 14 times Return on assets 20 % Return on shareholders' equity 36 % Profit margin on sales 10 % Gross profit margin (gross profit divided by net sales) 30 % Inventory turnover 7 times Receivables turnover 23 times Required: Prepare a December 31, 2018, balance sheet for the Cadux Candy Company. (Enter your answers in millions. Round your intermediate calculations and final answer to the nearest whole million.)
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