Consolidated Balance Sheets And The Related Disclosures

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Instructions

Consolidated Balance Sheets And The Related Disclosures

Question Description

Review the consolidated balance sheets and the related disclosures and respond to the following questions.

Equity:

Explain why the amount reported for Treasury Stock as of June 30, 2019, is subtracted from stockholders’ equity.

The company is authorized to issue 200,000,000 shares of Non-Voting Class B preferred stock. As of June 30, 2019, what is the outstanding amount received from the issuance of the Non-Voting Class B preferred stock?

The company has issued Convertible Class A preferred stock. Was any of the Convertible Class A stock converted during the fiscal year ended June 30, 2019? If so, what was it converted into?

Explain why the balance in “Common Stock, stated value $1 per share” is so small in relation to the balance in the “Additional paid-in capital” account.

What percentage of the company’s total assets was financed through retained earnings as of June 30, 2019?

Consolidated Balance Sheets

Amounts in millions; As of June 30	2019				2018
Assets
CURRENT ASSETS
Cash and cash equivalents	$	4,239			$	2,569
Available-for-sale investment securities	6,048				9,281
Accounts receivable	4,951				4,686
INVENTORIES
Materials and supplies	1,289				1,335
Work in process	612				588
Finished goods	3,116				2,815
Total inventories	5,017				4,738
Prepaid expenses and other current assets	2,218				2,046
TOTAL CURRENT ASSETS	22,473				23,320
PROPERTY, PLANT AND EQUIPMENT, NET	21,271				20,600
GOODWILL	40,273				45,175
TRADEMARKS AND OTHER INTANGIBLE ASSETS, NET	24,215				23,902
OTHER NONCURRENT ASSETS	6,863				5,313
TOTAL ASSETS	$	115,095			$	118,310
Liabilities and Shareholders’ Equity
CURRENT LIABILITIES
Accounts payable	$	11,260			$	10,344
Accrued and other liabilities	9,054				7,470
Debt due within one year	9,697				10,423
TOTAL CURRENT LIABILITIES	30,011				28,237
LONG-TERM DEBT	20,395				20,863
DEFERRED INCOME TAXES	6,899				6,163
OTHER NONCURRENT LIABILITIES	10,211				10,164
TOTAL LIABILITIES	67,516				65,427
SHAREHOLDERS’ EQUITY
Convertible Class A preferred stock, stated value $1 per share (600 shares authorized)	928				967
Non-Voting Class B preferred stock, stated value $1 per share (200 shares authorized)	—				—
Common stock, stated value $1 per share (10,000 shares authorized; shares issued: 2019 – 4,009.2, 2018 – 4,009.2)	4,009				4,009
Additional paid-in capital	63,827				63,846
Reserve for ESOP debt retirement	(1,146		)		(1,204		)
Accumulated other comprehensive income/(loss)	(14,936		)		(14,749		)
Treasury stock, at cost (shares held: 2019 – 1,504.5, 2018 -1,511.2)	(100,406		)		(99,217		)
Retained earnings	94,918				98,641
Noncontrolling interest	385				590
TOTAL SHAREHOLDERS’ EQUITY	47,579				52,883
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	115,095			$	118,310

 

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