Question:
Sun Trust Banks owns a large block of Coca-Cola Company (Coke) common stock that it has held for many years. SunTrust indicates in a note to its
financial statements that all equity securities held by the bank, including its investment in Coke stock, are classified as available for sale. A recent annual report of SunTrust reports the following information for its Coke investment (amounts in thousands):
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Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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Coke common stock investment, market value Coke common stock investment, market value Net income for Year 4.................................... ..............$ 565,476 $1,791,894 $1,242,862 EXHIBIT 9.14 Ormond Co. and Daytona Co. Consolidation Worksheet for Year 5 (amounts in millions) (Problem 9.13) Ormond Co. Daytona Co. Income Statement for Year 5 Sales Equity in Earnings of Daytona Co. $ 600 $ 450 (550) (10) (395) Interest Expense.... Loss on Lawsuit (20) (12) $ 18 Income Tax Expense . . (23) S 35 Net Income Balance Sheet on December 31, Year 5 $ 45 80 327 280 s 25 50 Accounts Receivable Investment in Daytona Co. Fixed Assets 195 Deferred Tax Asset Goodwill 15 Total Assets 747 S 270 Accounts Payable and Accruals . . . . . . . . . . . $ 85 140 50 40 392 40 $ 747 s 55 75 . . . . . . . . . Other Noncurrent Liabilities 50 90 s 270 Retained Earnings....