Alpha Geek

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Category > Accounting Posted 07 Jun 2017 My Price 5.00

The following numbers were extracted from a balance sheet (in million)

(a) The following numbers were extracted from a balance sheet (in million):
Operating assets ……… $547
Financial assets ………… 145
Total liabilities …………. 322

Of the total liabilities, $190 million were deemed to the financing liabilities. Prepare a reformulated balance sheet that distinguishes items involved in operations from those involved in financing activities.
(b) An income statement consists of the following line items (in millions):
Revenue ……………… $4,356
Cost of goods sold ……. 3,487
Operating expenses …….. 428
Interest income ………….. 56
Interest expense ………… 132

The firm pays no taxes. Prepare a reformulated income statement that distinguishes items involved in operations from those involved in financing activities.

Answers

Alpha Geek
(8)
Status NEW Posted 07 Jun 2017 04:06 PM My Price 5.00

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file 1496853189-248757_1_636322827917161324_248757.docx preview (168 words )
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