The following list of accounts was adopted from the 2010 annual report of Gilbert Stores, Inc. Amounts are shown in thousands. Accumulated Depreciation ....... $ 911,996 Additional Paid- In Capital ....... 622,634 Buildings and Leasehold Improvements .. 1,162,120 Buildings under

The following list of accounts was adopted from the 2010 annual report of Gilbert Stores, Inc. Amounts are shown in thousands.
Accumulated Depreciation ....... $ 911,996
Additional Paid- In Capital ....... 622,634
Buildings and Leasehold Improvements .. 1,162,120
Buildings under Capital Leases ...... 29,416
Buildings under Construction ........ 13,977
Capital Lease Obligations ......... 31,621
Cash and Cash Equivalents ......... 51,244
Commercial Paper Current ....... 145,276
Common Stock, Class A .......... 1,090
Common Stock, Class B .......... 40
Current Portion of Capital Lease Obligation .. 2,242
Current Portion of Long- Term Debt ..... 65,061
Deferred Income Taxes ........ $ 282,648
Federal and State Income Taxes ..... 54,011
Furniture, Fixtures, and Equipment ... 1,583,380
Investments and Other Assets ....... 52,110
Land and Land Improvements ....... 44,573
Long-Term Debt ........... 1,238,293
Merchandise Inventories ....... 1,299,944
Other Current Assets .......... 8,976
Preferred Stock ............. 440
Retained Earnings .......... 1,457,443
Trade Accounts Receivable, Net ..... 1,096,530
Trade and Other ..... 529,475
Required:
Use a computer spreadsheet program.
A. Prepare a classified and prove that total assets equal total liabilities plus total share-holders’ equity.
B. Determine the balance in Retained Earnings if total assets increase by 5 percent, total liabilities re-main the same, and shareholders’ equity other than retained earnings remains the same.
Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...