Answer Happy

A firm has the following balance sheet and income statement In millions of dollars Balance Sheet Operating cash Receivables Inventories Total current assets Plant and equipment Total assets Operating liabilities Total Current liabilities. Long term debt (8%) Total liabilities Stockholder's Equity Stockholder's Equity and Liabilities Additional information Statutory tax rate 38% Required Prepare reformulated financial statements 4 29 138 171 942 1,113 288 288 695 983 130 1,113 Income Statement Revenues Operating expenses Operating income Interest expense Income before tax Income taxes Income after tax 908 -817 91 -55 36 -13 23