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Question Content Area Income Statement, Statement of Stockholders' Equity, and Balance Sheet The following...

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Accounting

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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