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Accounting Solution

In: Business and Management

Submitted By roll4nd
Words 320
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1-24. a. BS d. BS g. SCF and SE b. IS e. SCF h. SCF and SE c. BS f. BS and SE i. IS, SE, and SCF

E1-28.

($ millions) a. Using the accounting equation: ($ millions) | Assets | = | Liabilities | + | Equity | Intel | $63,186 | | $13,756 | | $49,430 | b. Starting with the accounting equation at the beginning of the year: ($ millions) | Assets | = | Liabilities | + | Equity | JetBlue | $6,549 | | $5,003 | | $1,546 | Using the accounting equation at the end of the year: ($ millions) | Assets | = | Liabilities | + | Equity | JetBlue | $6,549+$44 | | $5,003-$64 | | $1,654 |

c. Starting with the accounting equation at the end of the year: ($ millions) | Assets | = | Liabilities | + | Equity | Walt Disney | $72,124 | | $29,864+$2,807 | | $39,453 | Using the accounting equation at the beginning of the year: ($ millions) | Assets | = | Liabilities | + | Equity | Walt Disney | $72,124-$2,918 | | $29,864 | | $39,342 |

Alternative approach to solving part (b): Assets($425) = Liabilities($200) + Equity(?) where “” refers to “change in.” Thus: Ending Equity = $44 + $64 = $108 and Ending equity = $1,546 + 108 = $1,654

P1-35.

a.
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General Mills, Inc.
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Income Statement
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For Year Ended May 29, 2011
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($ millions) Sales $14,880.2 Cost of goods sold 8,926.7 Gross profit 5,953.5 Expenses 4,150.0
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Net income $ 1,803.5

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General Mills, Inc.
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Balance Sheet

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