The following information, based on the 12/31/09 Annual Report to Shareholders o

Question

The following information, based on the 12/31/09 Annual Report to Shareholders of Krafty Foods ($ in millions): Accounts payable 1897 Accounts receivable (net) 3131 Accrues liabilities and taxes 4105 Cash and cash equivalents 162 Cost of Sales 17531 Current payables to parent and affiliates 1652 Deferred income taxes and oth liabilities 10311 Current portion of longterm debt 540 Earnings retained in business 12/31/09 2391 Goodwill and other intangible assets -net 35957 Income tax expense 1565 Interest and other debt 1437 Inventories 3026 Long term debt 8134 Long term notes payable to affiliates 5000 Marketing, general and admin expenses 11460 Operating revenues 33875 Other current assets 687 Other noncurrent assets 3726 Other stockholders equity (2568) Paid-in capital for common and pref stock 23655 Property, plant and equipment 9109 Short-term borrowings 681 Based on the information provided above, prepare the 12/ 31 Balance sheet for Krafty Foods

Explanation / Answer

Operating Revenues $33,875 Less: Cost of sales $17,531 Equals Gross Profit $16,344 Less Operating expenses of: Marketing, general and administration expenses $11,460 Equals Profit Before Tax $4,884 Less: Income Tax Expense $1,437 Equals Net Income $3,447

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