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Basic Calculations Easy a The following numbers were extracted from a balance sheet in millions Of the total liabilities $190 million were deemed to be financing liabilities Prepare a

Basic Calculations (Easy)

 

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

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 millions):

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

 

 

May 26 2020 View more View Less

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