5 Comparing Income Statements and Balance Sheets of CompetitorsFollowing are selected income statement and balance sheet data from two retailers: Abercrombie & Fitch (clothing retailer in the high-end market) and TJX Companies (clothing retailer in the value-priced market).(a) Express each income statement amount as a percentage of sales.Round your answers to one decimal place (ex: 0.2345 = 23.5%).Income StatementANF$5,360($ millions)SalesCost of goods soldGross profitTotal expensesNet income1,8083,5522,635$917($ millions)Current assetsLong-term assetsTotal assetsCurrent liabilitiesLong-term liabilitiesTotal liabilities%%%TJX$22,10617,7134,3933,495% $898(b) Express each balance sheet amount as a percentage of total assets.Round your answers to one decimal place (ex: 0.2345 = 23.5%).Balance SheetANF$1,0001,637$2,637$513406919Stockholders' equity1,718Total liabilities and equity $2,637%TJX% $3,929% 2,608$6,537% $2,698% 1,708% 4,406% 2,131$6,537%%%%%NSACTIONS%%%%

Income statement is the financial statement prepared by the entity for the purpose of determining…

mpetitors Following are selected income statement and balance sheet data from two retailers: Abercrombie & Fitch (clothing retailer in the high-end market) and TIX Companies (clothing retailer in the value-priced market). (a) Express each income statement amount as a percentage of sales. Round your answers to one decimal place (ex: 0.2345=23.5%). Income Statement ANF $5,360 (5 millions) Sales Cost of goods sold 1,808 Gross profit 3,552 Total expenses 2,635 Net income $917 ($ millions) Current assets Long-term assets Total assets Current liabilities Long-term liabilities Total liabilities 1,637 $2,637 $513 **** 406 919 %6 Stockholders' equity 1,718 Total liabilities and equity $2,637 % % (b) Express each balance sheet amount as a percentage of total assets. Round your answers to one decimal place (ex: 0.2345 = 23.5%). Balance Sheet ANF $1,000 TJX $22,106 17,713 4,393 3,495 $ 898 TIX % $3,929 % 2,608 $6,537 % $2,698 **** 96 1,708 * * * * 4,406 2,131 $6,537 % % 96 % %6 % 96 96

mpetitors Following are selected income statement and balance sheet data from two retailers: Abercrombie & Fitch (clothing retailer in the high-end market) and TIX Companies (clothing retailer in the value-priced market). (a) Express each income statement amount as a percentage of sales. Round your answers to one decimal place (ex: 0.2345=23.5%). Income Statement ANF $5,360 (5 millions) Sales Cost of goods sold 1,808 Gross profit 3,552 Total expenses 2,635 Net income $917 ($ millions) Current assets Long-term assets Total assets Current liabilities Long-term liabilities Total liabilities 1,637 $2,637 $513 406 919 %6 Stockholders' equity 1,718 Total liabilities and equity $2,637 % % (b) Express each balance sheet amount as a percentage of total assets. Round your answers to one decimal place (ex: 0.2345 = 23.5%). Balance Sheet ANF $1,000 TJX $22,106 17,713 4,393 3,495 $ 898 TIX % $3,929 % 2,608 $6,537 % $2,698 96 1,708 * * * * 4,406 2,131 $6,537 % % 96 % %6 % 96 96

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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