Use Last FAD’s financial statements for the following 3 ques…
Use Last FAD’s financial statements for the following 3 questions. Last Fad Corporation Balance Sheet (in $Millions) Assets Last Year Current Year Current assets Cash $ 213 $ 281 Accounts receivable 457 461 Inventory 665 554 Total $ 1,335 $ 1,296 Fixed assets PP&E $ 5,124 $ 6,428 Accumulated dep. 909 1,274 Net PP&E $ 4,215 $ 5, 154 Total assets $ 5,550 $ 6,450 Liabilities & Owner’s Equity Last Year Current Year Current liabilities Accounts payable $ 385 $ 445 Notes payable 201 201 Total $ 586 $ 646 Long-term debt $ 2,998 $ 3,015 Total liabilities $ 3,584 $ 3,661 Owners’ equity $ 1,966 $ 2,789 Total liab. and equity $ 5,550 $ 6,450 Last Fad Corporation Current Year Income Statement (in $Millions) Sales $ 2,877 Cost of goods sold 1,012 Depreciation 365 Earnings before interest and taxes $ 1,500 Earnings before taxes $ 1,500 Taxes 520 Net income 980 Retained earnings $ 823 Dividends $ 157
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