U.S.Corporation Balance Sheet- Table 2.1 U.S.CORPORATION Balance Sheets as of December 31,2007 and 2008 (in Millions) 2007 2008 2007 2008 Assets Liabilities and Owners'Equity Current assets Current liabilities Cash S104 $160 Accounts payable $232 $266 Accounts receivable 455 688 Notes payable 196 123 Inventory 553 555 Total $428 s389 Total $1,112 $1,403 Fixed assets Net fixed assets $1,644 $1,709 Long-term debt $408 S454 Owners'equity Common stock and paid-in surplus 600 640 Retained earnings 1,320 1,629 Total $1,920 $2,269 Total liabilities and Total assets $2,756 $3,112 owners'equity $2,756 $3,112 55 U.S. Corporation Balance Sheet – Table 2.1