Costco Wholesale Corporation Financial Statements
Complete the Costco research case on page 212 of the textbook.
FY 2018 Annual Report-Costco.pdf Download FY 2018 Annual Report-Costco.pdf will be attached
Answer requirements 1 and 2 on page 212.
For requirement 1, explain the location of these items and the dollar amounts of these items in each financial statement.
Do you think Costco's financial statements would be materially misstated if they omitted all reference to the Taiwanese noncontrolling interest? Explain your answer in four to five sentences.
I will upload what I have so far. I only need the dollar amounts of the items for requirement 1 and to answer the last question "Do you think Costco's financial statements would be materially misstated if they omitted all reference to the Taiwanese noncontrolling interest? Explain your answer in four to five sentences."
Professor Name
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Costco Wholesale Corporation Research Case
How Costco presents the noncontrolling interest in its financial statements
In the consolidated balance sheets, Costco’s noncontrolling interests were $301,000,000 in 2017 and $304,000,000 in 2018. In the consolidated income statements, the net income attributable to noncontrolling interests was $26,000,000 in 2016, $35,000,000 in 2017, and $45,000,000 in 2018. The consolidated statements of comprehensive income show the comprehensive income attributable to noncontrolling interests amounting to $30,000,000 in 2016, $48,000,000 in 2017, and $38,000,000 in 2018.
Finally, from the consolidated statements of cash flows, the noncontrolling interests include other operating assets and liabilities (net) of $547,000,000 in 2016, $807,000,000 in 2017, and $421,000,000 in 2018. The other noncontrolling interests from the consolidated statements of cash flows are other financing activities (net) of $55,000,000 in 2016, $11,000,000 in 2017, and $-41,000,000 in 2018.
Whether Costco's financial statements...
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