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Question Content Area Income Statement, Statement of Stockholders' Equity, and Balance Sheet
The following financial data were adapted from a recent annual report of Piedmont Corporation for the year ending January 31.
Line Item Description In millions Accounts payable $6,857 Cash 794 Common stock 2,862 Cost of sales 47,860 Debt and other borrowings 17,483 Income tax expense 1,527 Interest expense 866 Inventories 7,918 Other assets 2,842 Other expenses 2,577 Other liabilities 6,469 Property and equipment, net 29,149 Sales 68,466 Selling, general, and administrative expenses 14,106
Instructions:
Question Content Area 1. Prepare Piedmont's income statement for the year ending January 31.
Line Item Description Amount Amount Accounts payableCost of salesIncome tax expenseSalesSelling, general, and administrative expensesSales blank $Sales Expenses: Accounts payableCommon stockCashCost of salesOther assetsCost of sales $Cost of sales CashOther liabilitiesOther credit card revenueReceivablesSelling, general, and administrative expensesSelling, general, and administrative expenses Selling, general, and administrative expenses Accounts payableIncome tax expenseInventoriesReceivablesRetained earningsIncome tax expense Income tax expense Accounts payableInterest expenseOther assetsReceivablesSalesInterest expense Interest expense Accounts payableOther assetsOther expensesOther liabilitiesOther credit card revenueOther expenses Other expenses Total expenses Total expenses Net incomeNet lossNet income $Net income
Question Content Area 2. Prepare Piedmont's statement of stockholders equity for the year ending January 31. Use a minus sign to indicate a net loss. If an amount box is zero, leave it blank.
Line Item Description Amount Common stock, Feb. 1 of prior year $8,588 Retained earnings, Feb. 1 of prior year 6,495 Other stockholder equity items on Feb. 1 of prior year 16,150 Dividends 1,399 Other items affecting retained earnings (2,068) Other items affecting common stock (2) Other items affecting stockholders' equity 126
Line Item Description Common Stock Retained Earnings Other Items Total Balances, Feb. 1 of prior year $Balances, Feb. 1 of prior year $Balances, Feb. 1 of prior year $Balances, Feb. 1 of prior year $Balances, Feb. 1 of prior year Accounts payableCashOther expensesNet income for yearNet loss for yearNet income for year Net income for year Net income for year Net income for year Net income for year Accounts payableCashDividendsOther expensesNet loss for yearDividends Dividends Dividends Dividends Dividends Accounts payableCashOther itemsOther expensesNet lossOther items Other items Other items Other items Other items Balances, January 31 $Balances, January 31 $Balances, January 31 $Balances, January 31 $Balances, January 31
Question Content Area 3. Prepare Piedmont's balance sheet as of January 31.
Line Item Description Amount Amount Assets Accounts payableCommon stockCashCost of goods soldOther liabilitiesCash $Cash Accounts payableInventoriesOther liabilitiesOther revenue (net)Retained earningsInventories Inventories Accounts payableCommon stockIncome tax expenseProperty and equipment, netSalesProperty and equipment, net Property and equipment, net CashOther assetsOther expenseOther liabilitiesOther revenue (net)Other liabilities Other liabilities Total assets $Total assets Liabilities Accounts payableCommon stockInventoriesProperty and equipment, netReceivablesAccounts payable $Accounts payable CashCommon stockDebt and other borrowingsReceivablesRetained earningsDebt and other borrowings Debt and other borrowings Common stockCashInventoriesOther liabilitiesRetained earningsOther liabilities Other liabilities Total liabilities $Total liabilities Stockholders' Equity Common stockCashInvestmentsProperty and equipment, netReceivablesCommon stock $Common stock Accounts payableInventoriesOther liabilitiesProperty and equipment, netRetained earningsRetained earnings Retained earnings Accounts payableCashInventoriesDebt and other borrowingsOther stockholder equity itemsOther stockholder equity items Other stockholder equity items Total stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity $Total liabilities and stockholders' equity
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