Financial Accounting
9th Edition
ISBN: 9781259222139
Author: Robert Libby, Patricia Libby, Frank Hodge Ch
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 1, Problem 1.1CP
Finding Financial Information
LO1-1
Refer to the financial statements of American Eagle Outfitters in Appendix B at the end of this book.
Required:
Skim the annual report. Look at the income statement,
- 1. What types of products does American Eagle Outfitters sell?
- 2. On what date does American Eagle Outfitters’s most recent reporting year end?
- 3. For how many years does it present complete
- a. Balance sheets?
- b. Income statements?
- c. Cash flow statements?
- 4. Are its financial statements audited by independent CPAs? How do you know?
- 5. Did its total assets increase or decrease over the last year?
- 6. How much inventory (in dollars) did the company have as of January 31, 2015 (accountants would call this the ending balance)?
- 7. Write out the basic accounting (balance sheet) equation and provide the values in dollars reported by the company as of January 31, 2015.
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A comparative balance sheet and income statement is shown for Cruz, Incorporated.
CRUZ, INCORPORATED
Comparative Balance Sheets
At December 31
2021
2020
Assets
Cash
$ 66,100
$ 16,600
Accounts receivable, net
28,500
35,200
Inventory
59,700
66,100
Prepaid expenses
3,700
3,000
Total current assets
158,000
120,900
Furniture
74,600
85,000
Accumulated depreciation—Furniture
(11,600)
(6,400)
Total assets
$ 221,000
$ 199,500
Liabilities and Equity
Accounts payable
$ 10,400
$ 14,700
Wages payable
6,300
3,500
Income taxes payable
1,000
1,900
Total current liabilities
17,700
20,100
Notes payable (long-term)
20,700
50,500
Total liabilities
38,400
70,600
Equity
Common stock, $5 par value
159,500
125,000
Retained earnings
23,100
3,900
Total liabilities and equity
$ 221,000
$ 199,500…
Chapter 1 Solutions
Financial Accounting
Ch. 1 - Define accounting.Ch. 1 - Briefly distinguish financial accounting from...Ch. 1 - Prob. 3QCh. 1 - Prob. 4QCh. 1 - Prob. 5QCh. 1 - Complete the following: Name of Statement...Ch. 1 - What information should be included in the heading...Ch. 1 - What are the purposes of (a) the income statement,...Ch. 1 - Explain why the income statement and the statement...Ch. 1 - Prob. 10Q
Ch. 1 - Prob. 11QCh. 1 - Explain the equation for the income statement....Ch. 1 - Explain the equation for the balance sheet. Define...Ch. 1 - Explain the equation for the statement of cash...Ch. 1 - Explain the equation for retained earnings....Ch. 1 - The financial statements discussed in this chapter...Ch. 1 - Prob. 17QCh. 1 - Prob. 18QCh. 1 - (Supplement A) Briefly differentiate between a...Ch. 1 - Prob. 20QCh. 1 - Which of the following is not one of the four...Ch. 1 - Prob. 2MCQCh. 1 - Prob. 3MCQCh. 1 - Which of the following regarding retained earnings...Ch. 1 - Which of the following is not one of the four...Ch. 1 - Prob. 6MCQCh. 1 - Prob. 7MCQCh. 1 - Which of the following is true regarding the...Ch. 1 - Prob. 9MCQCh. 1 - Prob. 10MCQCh. 1 - Matching Elements with Financial Statements M1-1...Ch. 1 - Matching Financial Statement Items to Financial...Ch. 1 - Prob. 1.3MECh. 1 - Prob. 1.1ECh. 1 - Matching Financial Statement Items to Financial...Ch. 1 - Matching Financial Statement Items to Financial...Ch. 1 - Preparing a Balance Sheet Honda Motor Corporation...Ch. 1 - Completing a Balance Sheet and Inferring Net...Ch. 1 - Prob. 1.6ECh. 1 - Preparing an Income Statement and Inferring...Ch. 1 - Prob. 1.8ECh. 1 - Inferring Values Using the Income Statement and...Ch. 1 - Inferring Values Using the Income Statement and...Ch. 1 - Preparing an Income Statement and Balance Sheet...Ch. 1 - Preparing an Income Statement and Balance Sheet...Ch. 1 - Preparing a Statement of Stockholders Equity...Ch. 1 - Focus on Cash Flows: Matching Cash Flow Statement...Ch. 1 - Preparing an Income Statement, Statement of...Ch. 1 - Analyzing a Student's Business and Preparing an...Ch. 1 - Comparing Income with Cash Flow (Challenging)...Ch. 1 - Evaluating Data to Support a Loan Application...Ch. 1 - Preparing an Income Statement, Statement of...Ch. 1 - Analyzing a Students Business and Preparing an...Ch. 1 - Prob. 1.3APCh. 1 - Prob. 1.1CONCh. 1 - Finding Financial Information LO1-1 Refer to the...Ch. 1 - Prob. 1.2CPCh. 1 - Comparing Companies within an Industry Refer to...Ch. 1 - Using Financial Reports: Identifying and...Ch. 1 - Prob. 1.5CPCh. 1 - Prob. 1.6CPCh. 1 - Prob. 1.7CP
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