The following is a consolidated statement of financial position on December 31 o
ID: 2469817 • Letter: T
Question
The following is a consolidated statement of financial position on December 31 of a recent year for LVMH, a French company that markets the Louis Vuitton® and Moët Hennessy® brands:
Match the terms used in the LVMH balance sheet with the terms used by Mornin' Joe shown above.
LVMHStatement of Financial Position
December 31
(in millions of euros) Assets Brands and other intangible assets—net €11,510 Goodwill—net 7,806 Property, plant, and equipment—net 8,769 Investment in associates 163 Non-current available for sale financial assets 6,004 Other non-current assets 524 Deferred tax 881 Non-current assets €35,657 Inventories € 8,080 Trade accounts receivable 1,985 Income taxes 201 Other current assets 1,811 Cash and cash equivalents 2,196 Current assets €14,273 TOTAL ASSETS €49,930 Liabilities and Equity Share capital € 152 Share premium 3,848 Treasury shares (414) Revaluation reserves 2,819 Other reserves 14,393 Cumulative translation adjustment 342 Net profit, group share 3,424 Equity, group share €24,564 Minority interests 1,102 Total equity €25,666 Long-term borrowings € 3,836 Provisions 1,530 Deferred tax 3,960 Other non-current liabilities 5,456 Total non-current liabilities €14,782 Short-term borrowings € 2,976 Trade accounts payable 3,134 Income taxes payable 442 Provisions 335 Other current liabilities 2,595 Total current liabilities € 9,482 TOTAL LIABILITIES AND EQUITY €49,930
Explanation / Answer
Match the terms used in the LVMH balance sheet with the terms used by Mornin' Joe shown above. LVMH Term Mornin' Joe U.S. GAAP Term Statement of financial position Balance Sheet Share capital Paid-in capital Share premium Excess of issue price over par Other reserves Retained earnings Provisions allowance for doubtful accounts
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