February 1, 2020 February 2, 2019 (S and shares in millions except par value) ASSETS Current assets: Cash and cash equivalents 1,364 $ 1,081 Short-term investments 290 288 Merchandise inventory 2,156 706 2,131 Other current assets 751 Total current assets 4,516 4,251 Property and equipment, net of accumulated depreciation of $5,839 and $5,755 3,122 2,912 Operating lease assets Other long-term assets Total assets 5,402 639 886 $ 13,679 $ 8,049 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable Accrued expenses and other current liabilities 1,174 S 1,126 1,067 1,024 Current portion of operating lease liabilities Income taxes payable 920 48 24 Total current liabilities 3,209 2,174 Long-term liabilities: Long-term debt 1,249 1,249 Long-term operating lease liabilities Lease incentives and other long-term liabilities Total long-term liabilities Commitments and contingencies (see Note 16) Stockholders' equity: Common stock $0.05 par value Authorized 2,300 shares for all periods presented; Issued and Outstanding 371 and 378 shares 5,508 397 1,073 2,322 7,154 19 19 Additional paid-in capital Retained earnings Accumulated other comprehensive income Total stockholders' equity Total liabilities and stockholders' equity 3,257 3,481 40 53 3,316 3,553 13,679 $ 8,049
Reporting Cash Flows
Reporting of cash flows means a statement of cash flow which is a financial statement. A cash flow statement is prepared by gathering all the data regarding inflows and outflows of a company. The cash flow statement includes cash inflows and outflows from various activities such as operating, financing, and investment. Reporting this statement is important because it is the main financial statement of the company.
Balance Sheet
A balance sheet is an integral part of the set of financial statements of an organization that reports the assets, liabilities, equity (shareholding) capital, other short and long-term debts, along with other related items. A balance sheet is one of the most critical measures of the financial performance and position of the company, and as the name suggests, the statement must balance the assets against the liabilities and equity. The assets are what the company owns, and the liabilities represent what the company owes. Equity represents the amount invested in the business, either by the promoters of the company or by external shareholders. The total assets must match total liabilities plus equity.
Financial Statements
Financial statements are written records of an organization which provide a true and real picture of business activities. It shows the financial position and the operating performance of the company. It is prepared at the end of every financial cycle. It includes three main components that are balance sheet, income statement and cash flow statement.
Owner's Capital
Before we begin to understand what Owner’s capital is and what Equity financing is to an organization, it is important to understand some basic accounting terminologies. A double-entry bookkeeping system Normal account balances are those which are expected to have either a debit balance or a credit balance, depending on the nature of the account. An asset account will have a debit balance as normal balance because an asset is a debit account. Similarly, a liability account will have the normal balance as a credit balance because it is amount owed, representing a credit account. Equity is also said to have a credit balance as its normal balance. However, sometimes the normal balances may be reversed, often due to incorrect journal or posting entries or other accounting/ clerical errors.
1. What are the following amounts at 2/1/20:
a. Total Assets __________________
b. Total Liabilities __________________
c. Total Owner’s Equity __________________
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