INTERMEDIATE ACCOUNTING <CUSTOM LL>
10th Edition
ISBN: 9781260887068
Author: SPICELAND
Publisher: MCG CUSTOM
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Chapter 1, Problem 1.11DMP
Real World Case 1–15
Elements; disclosures; The Gap, Inc.
• LO1–7, LO1–9
Real World Financials
Access the financial statements for the year ended January 30, 2016 for The Gap, Inc. by downloading them from www.gapinc.com, and use them to answer the following questions.
Required:
1. What amounts did The Gap report for the following items for the fiscal year ended January 30, 2016?
a. Total net revenues
b. Total operating expenses
c. Net income (earnings)
d. Total assets
e. Total stockholders’ equity
2. How many shares of common stock did The Gap have issued on January 30, 2016?
3. Why do you think The Gap reports more than one year of data in its financial statements?
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Exercise 2-29 (Algo) Calculating and Interpreting the debt ratio LO A2
Company
DreamWorks
Pixar
Universal
Expenses
$ 30,000
79, 000
16, 00
Total Assets
$ 60,000
154, 000
76, 000
Net Income
$ 27, 000
39,000
5, 800
Total Liabilities
$ 45, 600
147, 800
21, 000
a. Compute the debt ratio for each of the three companies. (Round your answers to 2 decimal places.)
Company
Debt Ratio
DreamWorks
Pixar
Universal
b. Which company has the most financial leverage?
Largest financial leverage
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Chapter 1 Solutions
INTERMEDIATE ACCOUNTING <CUSTOM LL>
Ch. 1 - Prob. 1.1QCh. 1 - What is meant by the phrase efficient allocation...Ch. 1 - Identify two important variables to be considered...Ch. 1 - What must a company do in the long run to be able...Ch. 1 - Prob. 1.5QCh. 1 - Prob. 1.6QCh. 1 - Prob. 1.7QCh. 1 - Prob. 1.8QCh. 1 - Prob. 1.9QCh. 1 - Prob. 1.10Q
Ch. 1 - Prob. 1.11QCh. 1 - Prob. 1.12QCh. 1 - Prob. 1.13QCh. 1 - Prob. 1.14QCh. 1 - Prob. 1.15QCh. 1 - Explain what is meant by: The benefits of...Ch. 1 - Prob. 1.17QCh. 1 - Briefly define the financial accounting elements:...Ch. 1 - Prob. 1.19QCh. 1 - What is the going concern assumption?Ch. 1 - Prob. 1.21QCh. 1 - Prob. 1.22QCh. 1 - What are two advantages to basing the valuation of...Ch. 1 - Describe how revenue recognition relates to...Ch. 1 - What are the four different approaches to...Ch. 1 - In addition to the financial statement elements...Ch. 1 - Briefly describe the inputs that companies should...Ch. 1 - Prob. 1.28QCh. 1 - Prob. 1.29QCh. 1 - Prob. 1.30QCh. 1 - Prob. 1.31QCh. 1 - Prob. 1.32QCh. 1 - Accrual accounting LO12 Cash flows during the...Ch. 1 - Financial statement elements LO17 For each of the...Ch. 1 - Prob. 1.3BECh. 1 - Basic assumptions and principles LO17 through...Ch. 1 - Prob. 1.5BECh. 1 - Prob. 1.6BECh. 1 - Accrual accounting LO12 Listed below are several...Ch. 1 - Accrual accounting LO12 Listed below are several...Ch. 1 - Prob. 1.3ECh. 1 - Prob. 1.4ECh. 1 - Prob. 1.5ECh. 1 - Financial statement elements LO17 For each of the...Ch. 1 - Concepts; terminology; conceptual framework LO17...Ch. 1 - Prob. 1.8ECh. 1 - Prob. 1.9ECh. 1 - Prob. 1.10ECh. 1 - Basic assumptions and principles LO18, LO19...Ch. 1 - Prob. 1.12ECh. 1 - Prob. 1.13ECh. 1 - Prob. 1.14ECh. 1 - Prob. 1.15ECh. 1 - Prob. 1.1DMPCh. 1 - Research Case 12 Accessing SEC information through...Ch. 1 - Prob. 1.7DMPCh. 1 - Prob. 1.8DMPCh. 1 - Prob. 1.9DMPCh. 1 - Prob. 1.10DMPCh. 1 - Real World Case 115 Elements; disclosures; The...Ch. 1 - Prob. 1.12DMPCh. 1 - Target Case LO19 Target Corporation prepares its...
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