RSM323H1 Lecture Notes - Lecture 11: Financial Statement
Document Summary
Molluso importing ltd. (mil) is a large importer of food products from italy. They sell their products in large grocery chains across canada and have annual sales of million. They have an excellent reputation for the quality of their products. To maintain supply of quality products, in 20_1 they purchased 60% ownership of an exporting business based in naples, italy. Canadian reporting purposes, they consolidated the italian subsidiary in their financial statements. Mil is a non-listed public company which is controlled by the extended molluso family. In addition to family members, some of the shares are awarded to long time employees, including. There have been no share sales to outsiders and the financial statements are used to set the value of the shares for tax purposes. In january, 20_3, the value of the shares was calculated to be and mr. peete was awarded a bonus of 100,000 shares.
