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Reformulation of a Balance Sheet Income Statement and Statement of Shareholders Equity Medium The following financial statements were reported for a firm for fiscal year 2012 in millions of

Reformulation of a Balance Sheet, Income Statement, and Statement of Shareholders' Equity (Medium) The following financial statements were reported for a firm for fiscal year 2012 (in millions of dollars):

 

The firm's income tax rate is 3 5%. The firm reported $15 million in interest income and $98 million in interest expense for 2012. Sales revenue was $3,726 million.

a. Reformulate the balance sheet for 2012 in a way that distinguishes operating and financing activities. Also reformulate the equity statement.

b. Prepare a reformulated statement of comprehensive income.

May 26 2020 View more View Less

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