The following financial statement reported for a firm for fiscal year 2099 (in millions of dollars): The
Question:
The following financial statement reported for a firm for fiscal year 2099 (in millions of dollars):
The firm's tax rate is 35%. The firm reported $15 million in interest income and $98 million in interest expenses for 2009. Sales revenue was $3,726 million.
(a) Reformulate the balance sheet for 2009 in a way that distinguishes operating and financing activities. Also reformulate the equity statement.
(b) From the information in these reformulated statement and the additional information given, prepare a reformulated statement of comprehensiveincome.
Transcribed Image Text:
Balance Sheet 2009 2008 Operatng cash Short-tem investments (st market) Accounts receivable nventory Property and plant 60 550 500 Accrued liabiities 940 79og-term debt 910 840 Commn equity 2009 2008 50 Accounts payable 1200 1,040 39D 450 1,840 1,970 1,870 1,430 2,840 2,710 5.300 490 5.300 4890 Statement of Shareholders' Equity Balance, end of fiscal year 2008 Share issues Repurchase of 24 million shares Cash dvidend Unrealized gain on debt investments Net income Balance, endoiscal year 2009 1,430 822 720) (180) S0 468 ,870
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a Reformulated balance sheet Operating cash 60 Accounts receivable 940 Inventory 910 PPE 2840 Operating assets 4750 Operating liabilities Accounts pay...View the full answer
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