The following financial information is for Milo Company,a non-U.S.firm with shares listed on a U.S.stock exchange:
If Milo Company were following U.S.GAAP,the minority interest would have been classified as a liability instead of as part of stockholders' equity.In addition,minority interest income of $4,000 for the year would have been excluded from the computation of net income.Under U.S.GAAP the investment securities would have been classified as trading securities and the interest on financing of self-constructed assets would have been capitalized rather than expensed.
Prepare reconciliations of Milo's reported stockholders' equity and net income to U.S.GAAP.

Question

The following financial information is for Milo Company,a non-U.S.firm with shares listed on a U.S.stock exchange:
  If Milo Company were following U.S.GAAP,the minority interest would have been classified as a liability instead of as part of stockholders' equity.In addition,minority interest income of $4,000 for the year would have been excluded from the computation of net income.Under U.S.GAAP the investment securities would have been classified as trading securities and the interest on financing of self-constructed assets would have been capitalized rather than expensed.
Prepare reconciliations of Milo's reported stockholders' equity and net income to U.S.GAAP.

Quizplus · Accepted Answer

The Answer of The following financial information is for Milo Company,a non-U.S.firm with shares listed on a U.S.stock exchange:
  If Milo Company were following U.S.GAAP,the minority interest would have been classified as a liability instead of as part of stockholders' equity.In addition,minority interest income of $4,000 for the year would have been excluded from the computation of net income.Under U.S.GAAP the investment securities would have been classified as trading securities and the interest on financing of self-constructed assets would have been capitalized rather than expensed.
Prepare reconciliations of Milo's reported stockholders' equity and net income to U.S.GAAP.

The Following Financial Information Is for Milo Company,a Non-U