Carlton Soup Company makes crackers, bread, and soup. Presented here are the items listed on a simplified version of its recent balance sheet (dollars in millions) presented in alphabetical order: Accounts payable $ 668 Other assets $ 132 Accounts receivable 595 Other current assets 70 Accrued expenses 599 Other current debt 1,080 Cash and cash equivalents 300 Other noncurrent liabilities 3,806 Common stock, $0.0375 par value 386 Property, plant, and equipment, net 2,397 Intangible assets 3,023 Retained earnings 936 Inventories 958 Required: Prepare a classified consolidated balance sheet for Carlton Soup for the current year (ended July 31). (Enter your answers in millions (i. e., 10,000,000 should be entered as 10).)'

Carlton Soup Company

Classified Balance Sheet as of July 31 (dollars in millions)

Assets

Current Assets:

Cash and cash equivalents                 $300

Accounts receivable                              595

Inventories                                             958

Other current assets                               70

Total current assets                         $1,923

Non-current assets:

Property, plant, and equipment, net 2,397

Other assets                                          132

Intangible assets                               3,023

Total non-current assets                $5,552

Total assets                                     $7,475

Liabilities and Equity

Current Liabilities:

Accounts payable                             $ 668

Accrued expenses                               599

Other current debt                            1,080

Total current liabilities                    $2,347

Other noncurrent liabilities             3,806

Total liabilities                                $6,153

Equity:

Common stock, $0.0375 par value  386

Retained earnings                             936

Total equity                                   $1,322

Total liabilities and equity            $7,475

Explanation:

a) Data and Calculations:

Cash and cash equivalents                  300

Accounts receivable                             595

Inventories                                            958

Other current assets                              70

Property, plant, and equipment, net 2,397

Other assets                                         132

Intangible assets                               3,023

Accounts payable                            $ 668

Accrued expenses                             599

Other current debt                           1,080

Other noncurrent liabilities             3,806

Common stock, $0.0375 par value  386

Retained earnings                             936

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