The Hastings Company is a multinational manufacturer of electrical equipment and components. Selected financial information is as follows: Consolidated Statements of Income For Period Ended (In millions) Net sales Operating income Interest expense Other income (expense), net Noncontrolling interests Earnings before income taxes (Benefit) provision for income taxes Earnings from continuing operations Discontinued operations (net of tax) Net earnings Abbreviated Consolidated (in millions) 2019 2018 2020 $12,586.60 $12,476.88 $10,164.70 680.16 1416.22 1403.61 (331.89) (238.55) 46.54 4.03 (37.83) 1131.26 399.23 732.03 36.40 $768.43 (253.00) (6.80) (20.10) (51.09) 400.26 1079.78 369.72 710.06 0.00 160.16 $404.03 $870.22 (3.77) 404.03 Balance Sheet 2020 2019 $14,382.81 $14,368.38 Total assets Long-term debt 3,770.91 2,002.52 Shareholders' equity 5,091.58 4.525.56 Total liabilities and stockholders' equity $14,382.81 $14,368.38 Note 8-Long-Term Debt and Credit Facilities 2019 (in millions) 5.75% Notes Due 2022 Total long-term debt 2020 $910.00 $3,770.91 S- $2.002.52 Required 1. The company reported that on February 1, 2020, it issued $910 million of 5.75% secured notes due February 1, 2022. a. Were the notes sold at a discount, a premium, or at par value? Par b. How much interest expense did the company record on August 1, 2020, assuming semiannual compounding? $ 26.163 ✓ Note: Round to three decimal places. Use rounded amount in any furth

Forecast an Income Statement Following is the income statement for Medtronic PLC. Consolidated Statement of Income ($ millions) For Fiscal Year Ended April 26, 2019 Net sales $27,807 Costs and expenses   Cost of products sold 8,331 Research and development expense 2,330 Selling, general, and administrative expense 9,480 Amortization of intangible assets 1,605 Restructuring charges, net 198 Certain litigation charges, net 166 Other operating expense, net 258 Operating profit 5,439 Other nonoperating income, net (373) Interest expense 1,314 Income before income taxes 4,498 Income tax provision 547 Net income 3,951 Net income loss attributable to noncontrolling interests (19) Net income attributable to Medtronic $3,932   Use the following assumptions to prepare a forecast of the company’s income statement for FY2020.   Note: Complete the entire question in Excel using the following template: Excel Template. Format each answer to two decimal…

Compute NOPATThe income statement for TJX Companies follows. THE TJX COMPANIES, INC.Consolidated Statements of Income Fiscal Year Ended ($ thousands) February 2, 2019 Net sales $38,972,934 Cost of sales, including buying and occupancy costs 27,831,177 Selling, general and administrative expenses 6,923,564 Pension settlement charge 36,122 Interest expense, net 8,860 Income before provision for income taxes 4,173,211 Provision for income taxes 1,113,413 Net income $ 3,059,798 Assume that the combined federal and state statutory tax rate is 22%. a. Compute NOPAT using the formula: NOPAT = Net income + NNE. Round to the nearest whole number.        b. Compute NOPAT using the formula: NOPAT = NOPBT − Tax on operating profit. Round to the nearest whole number.

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In its proposed 2022 income statement, Swifty Corporation reports income before income taxes $775,000, income taxes $155,000 (not including unusual items), loss on operation of discontinued music division $93,000, gain on disposal of discontinued music division $62,000, and unrealized loss on available-for-sale securities $232,500. The income tax rate is 20%. Prepare a correct statement of comprehensive income, beginning with income before income taxes. SWIFTY CORPORATIONPartial Statement of Comprehensive Income

The trial balance of Kroeger Incorporated included the following accounts as of December 31, 2024: Sales revenue Interest revenue Gain on sale of investments Gain on debt securities Loss on projected benefit obligation Cost of goods sold Selling expense Goodwill impairment loss Interest expense General and administrative expense Debits $ 160,000 6,100,000 600,000 500,000 30,000 500,000 Credits $ 8,200,000 60,000 120,000 140,000 The gain on debt securities represents the increase in the fair value of debt securities and is classified a component of other comprehensive income. Kroeger had 300,000 shares of stock outstanding throughout the year. Income tax expense has not yet been recorded. The effective tax rate is 25%. Required: Prepare a 2024 single, continuous statement of comprehensive income for Kroeger Incorporated. Use a multiple-step income statement format. Note: Round earnings per share answer to 3 decimal places.

INCOME STATEMENT OF QUICK BURGER CORPORATION, 2022 (Figures in $ millions) Net sales Costs Depreciation Earnings before interest and taxes (EBIT) Interest expense Pretax income Federal taxes (@ 21%) Net income $ 27,576 17,578 1,411 $ 8,587 526 8,061 1,693 $ 6,368 BALANCE SHEET OF QUICK BURGER CORPORATION, 2022 (Figures in $ millions) Assets Current assets Cash and marketable securities 2022 2021 Liabilities and Shareholders' Equity Current liabilities $ 2,345 $ 2,345 Debt due for repayment Receivables Inventories Other current assets 1,384 131 1,098 1,344 126 Accounts payable Total current liabilities 625 Total current assets $ 4,958 $ 4,440 Fixed assets Property, plant, and equipment $ 24,686 2,813 2,992 2,662 Long-term debt $ 22,844 Other long-term liabilities Total liabilities 3,108 Total shareholders' equity $ 35,449 $ 33,054 Total liabilities and shareholders' equity 2022 2021 $3,412 $ 3,412 $ 394 3,152 $ 3,546 $ 13,642 3,066 $ 20,120 15,329 $ 35,449 $ 12,143 2,966 $ 18,655 14,399…

The following table shows an abbreviated income statement and balance sheet for Quick Burger Corporation for 2022. INCOME STATEMENT OF QUICK BURGER CORPORATION, 2022 Net sales Costs Depreciation (Figures in $ millions) Earnings before interest and taxes (EBIT) Interest expense Pretax income $ 27,572 17,574 1,407 $ 8,591 522 8,069 Federal taxes (@ 21%) Net income 1,694 $ 6,375 BALANCE SHEET OF QUICK BURGER CORPORATION, 2022 (Figures in $ millions) Assets Current assets Cash and marketable securities Receivables Inventories Other current assets Total current assets Fixed assets Property, plant, and equipment Intangible assets (goodwill) Other long-term assets Total assets 2022 2021 Liabilities and Shareholders' Equity Current liabilities 2022 2021 $ 2,341 $ 2,341 Debt due for repayment 1,380 127 1,094 $ 4,942 1,340 Accounts payable 122 Total current liabilities $ 3,408 $ 3,408 $ 382 3,148 $ 3,530 621 $ 4,424 Long-term debt $ 24,682 2,809 2,988 $ 22,840 Other long-term liabilities 2,658…