Revie%20of%20accounting%20cycle--Happy%20Foods-1

Revie%20of%20accounting%20cycle--Happy%20Foods-1 - ACY3111...

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ACY3111 Review of the Accounting Cycle Happy Foods Company is a diversified company, which grows, produces, and processes consumer food products. It has many leading brands of cereals, and snack foods and is a publicly listed company on the stock exchange. Study the balance sheet prepared on December 31, 2006 and the income statement for the year ending December 31, 2007 provided below. The following additional information relates to events that occurred during fiscal 2007. All numbers are in millions of dollars. All sales for the company are made on credit. The company collected $4,450.4 cash from customers during 2007. All expenses are also on credit, except interest (which is prepaid) and depreciation. All manufacturing costs except depreciation and all expenses except interest are credited to various current liability accounts. For simplicity, include all current liabilities items in a single account, current liabilities. In 2007, all the costs of producing goods for sale excluding depreciation on plant assets was $3,061.6.
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