Comparative Balance Sheet January 31, 2014 & 2013 (Dollars in millions) 2014 2013 ASSETS Cash & Cash
Question:
Comparative Balance Sheet
January 31, 2014 & 2013
(Dollars in millions)
2014 2013
ASSETS
Cash & Cash Equivalents 95 33
Accounts Receivable 641 658
Merchandise Inventory 592 541
Total Current Assets 1328 1232
Property, Buildings &Equipment 1521 1402
Less Accumulated Depreciation -702 -601
NET PPE 819 801
Total Assets 2147 2033
LIABILITIES & STOCKHOLDERS' EQUITY
Accounts Payable 278 234
Accrued Liabilities 201 197
Accrued Income Taxes Payable 32 26
Notes Payable 46 42
Total Current Liabilities 557 499
Long-Term Debt 451 496
Deferred Income Taxes 51 53
Total Liabilities 1059 1048
STOCKHOLDERS' EQUITY
Common Stock 165 163
Retained Earnings 1011 899
Total Stockholders’ Equity 1176 1062
Total Liabilities & Stockholders' Equity 2235 2110
Income Statement Statement of Retained Earnings
For the year ended January 31, 2014 For the year ended January 31, 2014
(Dollars in millions) (Dollars in millions)
Net Sales 3644 Retained Earnings January 31, 2014 899
Less Cost of Goods Sold 2483 Add: Net Income 126
Gross Profit or Margin 1161 1025
Less operating Expenses 951 Less: Dividends 32
Net Operating Income 210 Retained Earnings, January 31, 2015 993
Non-operating items:
Gain on sale of store 7
Income Before taxes 217
Less income taxes 91
Net Income 126
Additional Information: Assume that a store, with a cost of 23, was sold for cash of 16, and had A/D of 18.
Instructions: Prepare a Statement of Cash Flows using the indirect method
Expert Answer:
Financial Accounting
ISBN: 978-0134725987
12th edition
Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
