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Cadux Candy Companys income statement for the year ended December 31, 2021, reported interest expense...

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Accounting

Cadux Candy Companys income statement for the year ended December 31, 2021, reported interest expense of $6 million and income tax expense of $32 million. Current assets listed in its balance sheet include cash, accounts receivable, and inventory. Property, plant, and equipment is the companys only noncurrent asset. Financial ratios for 2021 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 1.0
Current ratio 2.0
Acid-test ratio 1.0
Times interest earned ratio 13 times
Return on assets 10 %
Return on equity 20 %
Profit margin on sales 5 %
Gross profit margin (gross profit divided by net sales) 35 %
Inventory turnover 10 times
Receivables turnover 20 times

Required: Prepare a December 31, 2021, 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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Prepare a December 31, 2021, balance sheet for the Cadux Candy Company. (En intermediate calculations and final answer to the nearest whole million.) Answer is complete but not entirely correct

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