Siemens AG is Europes largest conglomerate. It is headquartered in Berlin and Munich. The amounts that follow
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The Consolidated Statements of Income show interest income of €2,207 and interest expense of (€1,716), which nets to €491. In the operating section of the Statement of Cash Flows there is an addition for interest received (€787), and in the Financing section there is a deduction for interest paid (€475). What item(s) in this statement would be shown differently if Siemens reported using U.S. GAAP? Why is the interest expense amount different than the interest paid amount?
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Related Book For
Introduction to Financial Accounting
ISBN: 978-0133251036
11th edition
Authors: Charles Horngren, Gary Sundem, John Elliott, Donna Philbrick
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