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create a simplified income statement: using the following information: begin{tabular}{ll} Sales & $ Costs & Depreciation & EBIT & Interest &
create a simplified income statement:
using the following information:
\begin{tabular}{ll} Sales & $ \\ Costs & \\ Depreciation & \\ EBIT & \\ Interest & $ \\ Taxable income & \\ Taxes I & $ \\ Net income & $ \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline For the year ended December 31, 2022 & Lifeco & IGM & GBL & \begin{tabular}{l} Holding \\ company \end{tabular} & \begin{tabular}{l} Alternative \\ asset \\ investment \\ platforms \\ and other \end{tabular} & \begin{tabular}{r} Effect of \\ consolidation \end{tabular} & Total \\ \hline \multicolumn{8}{|l|}{ Revenues } \\ \hline Total net premiums & 52,821 & - & - & - & - & (26) & 52,795 \\ \hline Net investment income (loss) & (15,778) & 24 & - & 48 & (60) & 15 & (15,751) \\ \hline Fee income (t) & 7,598 & 3,431 & - & - & 253 & (168) & 11,114 \\ \hline Other revenues & - & - & - & - & 537 & - & 537 \\ \hline Total revenues & 44,641 & 3,455 & - & 48 & 730 & (179) & 48,695 \\ \hline \multicolumn{8}{|l|}{ Expenses } \\ \hline Total paid or credited to policyholders & 29,664 & - & - & - & - & - & 29,664 \\ \hline Commissions [1] & 2,675 & 1,295 & - & - & - & (48) & 3,922 \\ \hline Operating and administrative expenses & 8,157 & 1,134 & - & 125 & 1,089 & (130) & 10,375 \\ \hline Financing charges & 398 & 114 & - & 55 & 94 & 15 & 676 \\ \hline Total expenses & 40,894 & 2,543 & - & 180 & 1,183 & (163) & 44,637 \\ \hline \begin{tabular}{l} Earnings before investments in jointly controlled \\ corporations and associates, and income taxes \end{tabular} & 3,747 & 912 & - & (132) & (453) & (16) & 4,058 \\ \hline \begin{tabular}{l} Share of earnings (losses) of investments in jointly \\ controlled corporations and associates \end{tabular} & 21 & 211 & (15) & 57 & (146) & (162) & (34) \\ \hline Earnings before income taxes & 3,768 & 1,123 & (15) & (75) & (599) & (178) & 4,024 \\ \hline Income taxes & 234 & 250 & - & 4 & (8) & 1 & 481 \\ \hline Net earnings & 3,534 & 873 & (15) & (79) & (591) & (179) & 3,543 \\ \hline \multicolumn{8}{|l|}{ Attributable to } \\ \hline Non-controlling interests & 1,441 & 329 & - & 135 & (148) & (179) & 1,578 \\ \hline Non-participating shareholders & - & - & - & 52 & - & - & 52 \\ \hline \multirow[t]{2}{*}{ Participating shareholders [2][x]} & 2,093 & 544 & (15) & (266) & (443) & - & 1,913 \\ \hline & 3,534 & 873 & (15) & (79) & (591) & (179) & 3,543 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline December 31, 2022 & Lifeco & IGM & GBL & \begin{tabular}{r} Holding \\ company \end{tabular} & \begin{tabular}{l} platforms \\ and other \end{tabular} & \begin{tabular}{l} Effect of \\ consolidation \end{tabular} & Total \\ \hline Cash and cash equivalents & 7,290 & 1,073 & - & 1,277 & 493 & (285) & 9,848 \\ \hline Investments & 229,639 & 5,200 & - & 194 & 1,976 & 151 & 237,160 \\ \hline \begin{tabular}{l} Investments in Lifeco, IGM and alternative asset \\ investment platforms and other \end{tabular} & 702 & 1,671 & - & 22,855 & - & (25,228) & - \\ \hline Investments in jointly controlled corporations & & & & & & & \\ \hline and associates & 207 & 1,112 & 3,314 & 783 & 1,147 & (47) & 6,516 \\ \hline Other assets & 58,907 & 5,651 & - & 310 & 4,664 & (208) & 69,324 \\ \hline Goodwill and intangible assets & 17,243 & 4,173 & - & 2 & 1,487 & - & 22,905 \\ \hline \begin{tabular}{l} Investments on account of segregated \\ fund policyholders \end{tabular} & 387,897 & - & - & - & - & - & 387,897 \\ \hline Total assets [1] & 701,885 & 18,880 & 3,314 & 25,421 & 9,767 & (25,617) & 733,650 \\ \hline Insurance and investment contract liabilities & 247,698 & - & - & - & - & - & 247,698 \\ \hline Obligation to securitization entities & - & 4,610 & - & - & - & - & 4,610 \\ \hline \begin{tabular}{l} Power Corporation's debentures and other \\ debt instruments \end{tabular} & - & - & - & 647 & - & - & 647 \\ \hline Non-recourse debentures and other debt instruments & 10,509 & 2,100 & - & 250 & 1,956 & (88) & 14,727 \\ \hline Other liabilities & 23,033 & 5,900 & - & 987 & 4,366 & (317) & 33,969 \\ \hline \begin{tabular}{l} Insurance and investment contracts on account \\ of segregated fund policyholders \end{tabular} & 387,897 & - & - & - & - & - & 387,897 \\ \hline Total liabilities & 669,137 & 12,610 & - & 1,884 & 6,322 & (405) & 689,548 \\ \hline \end{tabular} [1] Total assets of Lifeco and IGM operating segments include the allocation of goodwill and certain consolidation adjustments. TOTAL ASSETS AND TOTAL REVENUES BY GEOGRAPHIC LOCATION \begin{tabular}{|c|c|c|c|c|} \hline December 31, 2022 & Canada & United States & Europe & Total \\ \hline Investments and cash and cash equivalents & 98,725 & 103,739 & 44,544 & 247,008 \\ \hline Investments in jointly controlled corporations and associates & 2,535 & 289 & 3,692 & 6,516 \\ \hline Other assets & 14,079 & 41,383 & 13,862 & 69,324 \\ \hline Goodwill and intangible assets & 11,508 & 8,148 & 3,249 & 22,905 \\ \hline Investments on account of segregated fund policyholders & 93,816 & 166,274 & 127,807 & 387,897 \\ \hline Total assets & 220,663 & 319,833 & 193,154 & 733,650 \\ \hline Total revenues & 16,926 & 29,175 & 2,594 & 48,695 \\ \hline \end{tabular} CONDENSED STATEMENTS OF CASH FLOWS \begin{tabular}{|c|c|c|c|c|c|c|} \hline December 31, 2022 & Lifeco & IGM & \begin{tabular}{l} Holding \\ company \end{tabular} & \begin{tabular}{l} Alternative \\ asset \\ investment \\ platforms \\ and other \end{tabular} & \begin{tabular}{r} Effect of \\ consolidation \end{tabular} & Total \\ \hline Operating activities & 7,047 & 738 & 1,473 & (34) & (1,722) & 7,502 \\ \hline Financing activities & (620) & (1,092) & (1,891) & 1,146 & 1,509 & (948) \\ \hline Investing activities & (5,493) & 135 & 60 & (1,392) & 192 & (6,498) \\ \hline Effect of changes in exchange rates on cash and cash equivalents & 281 & - & - & 14 & (12) & 283 \\ \hline Increase (decrease) in cash and cash equivalents & 1,215 & (219) & (358) & (266) & (33) & 339 \\ \hline Cash and cash equivalents, beginning of the year & 6,075 & 1,292 & 1,635 & 759 & (252) & 9,509 \\ \hline Cash and cash equivalents, end of year & 7,290 & 1,073 & 1,277 & 493 & (285) & 9,848 \\ \hline \end{tabular}Step by Step Solution
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