THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in millions except par value) December 31, ASSETS Current Assets Cash and cash equivalents Short-term investments Total Cash, Cash Equivalents and Short-Term Investments Marketable securities Trade accounts receivable, less allowances of $516 and $516, respectively Inventories Prepaid expenses and other current assets Total Current Assets 2022 $9.519 1,043 10.562 1,009 3.487 4,233 3,240 22,591 2021 1,242 10.906 3.512 3,414 2.994 22,545 If we find out that the beverage industry estimates that for 2022 15% of Gross Receivables may not be collected, and this has been pretty good estimate for the past couple of years. By how much is Coca Cola artificially overstating their 2022 net income? Round your answer to one decimal place. For example, an answer of $73.22 million is simply $23.2

Balance sheet ($ in millions) ASSETS   Cash & Marketable Securities          449.90 Accounts Receivable          954.80 Inventories       3,645.20 Other Current Assets          116.60   Total Current Assets       5,166.50     Machinery & Equipment       1,688.90 Land       1,129.70 Buildings       2,348.40 Depreciation        (575.60) Property, Plant & Equip. - Net       4,591.40 Other Long Term Assets          120.90   Total Long-Term Assets       4,712.30     Total Assets     9,878.80     part of Balance Sheet    LIABILITIES   Accounts Payable       1,611.20 Salaries Payable          225.20 Other Current Liabilities       1,118.80 Total Current Liabilities       2,955.20     Other Liabilities          693.40       Total Liabilities       3,648.60     SHAREHOLDER'S EQUITY   Common Stock          828.50 Retained Earnings       5,401.70   Total Shareholder's Equity       6,230.20     Total Liabilities…

A comparative balance sheet for Carla Vista Company appears below: CARLA VISTA COMPANY Comparative Balance Sheet Cash Accounts receivable Inventory Prepaid expenses Long-term investments Equipment Accumulated depreciation-equipment Total assets Accounts payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity 1 2 Assets 3 4. 5. Dec. 31, 2022 $54,000 38,000 45,000 16.000 Liabilities and Stockholder's Equity 0 90,000 (40,000) $203,000 $37,000 46,000 60,000 60,000 Additional information: Net income for the year ending December 31, 2022 was $45,000. Cash dividends of $25,000 were declared and paid during the year. Long-term investments that had a cost of $37,000 were sold for $24,000. Sales for 2022 were $130.000. No equipment was sold during the year. $203,000 Dec. 31, 2021 $21,000 23,000 27,000 29,000 37,000 43,000 (25,000) $155,000 $17,000 65,000 33,000 40,000 $155,000 Prepare a statement of cash flows for the year ended December 31, 2022 using the…

A comparative statement of financial position for Blue Spruce Industries Inc. follows: BLUE SPRUCE INDUSTRIES INC. Statement of Financial Position December 31, 2023 Assets Cash Accounts receivable Inventory. Land Equipment Accumulated depreciation-equipment Total Liabilities and Shareholders' Equity Accounts payable Bonds payable Common shares Retained earnings Total Additional information: 1 2. 3. vi December 31 2023 $22,800 122,000 234,000 77,000 269,000 (70,300) $654,500 $52,400 163,800 233,000 205,300 $654,500 No equipment was sold during the year. 2022 $35,800 55,600 191.000 Net income for the fiscal year ended December 31, 2023, was $130,000. Cash dividends of $48,300 were declared and paid. Dividends paid are treated as financing activities. Bonds payable amounting to $50,000 were retired through the issuance of common shares. 4. Land was sold at a gain of $4,000 125.000 216.000 (43,500) $579,900 $59,500 213,800 183,000 123.600 $579,900