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reformulated balance sheet and income statement

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1-) Please provide reformulated balance sheet and income statement...

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

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Operating assets $547
Financial Assets $145
Total Liabilities $322
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Of the total liabilities, $190 million were deemed to be 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 million)

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Revenue $4,356
Cost of goods sold 3,487
Oerating 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.

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Dear Student,

Thank you for using BM.
Below are my answers.

Sincerely,
Anna Liza Gaspar

ANSWERS
Operating income
Revenue 4,356
Cost of good ...

Solution Summary

Prepare a reformulated income statement that distinguishes items involved in operations from those involved in financing activities.

$2.19