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ABC Ltd. reported the following income statement and balance sheet related information in 2019. The firm is subject to 30% statutory tax rate.
2019 income statement (in millions of dollars)
Sales 4280
Operating Expenses to Generate Sales -2805
Loss from Real estate partnership -170
Loss from Asset impairment -100
Interest Income 90
Interest Expense -300
995
Income Tax Expense 270
Net Income 725
2019 Balance sheet information (in millions of dollars)
Accounts Payable 1,800
Trade Receivable 1,290
Common Equity 1,668
Property Plant and Equipment 4,351
Accrued Expenses 1,320
Cash Equivalents 753
Deferred tax liability 1,120
Working Cash 65
Preferred Stock 750
Inventory 4,314
Financing debt 4,320
Debt securities 500
Required:
Question a) Reformulate the income statement to obtain 'Operating income from sales after tax'
Question b) Produce a reformulated balance sheet using the above balance sheet information.
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