Premium Essay

Mod 3

In: Business and Management

Submitted By ekap
Words 2884
Pages 12
FUNDAMENTALS OF ACCOUNTING PRACTICE PROBLEMS SOLUTIONS

P1-37 (30 minutes)
a.
Abercrombie & Fitch
Income Statement ($ millions)
For Year Ended January 29, 2011
Revenue $3,469
Cost of goods sold 1,257
Gross profit 2,212
Expenses 2,062
Net income $ 150

P1-40 (15 minutes)

Gap, Inc.
Statement of Stockholders’ Equity
For Year Ended January 29, 2011

Common Stock and APIC
Treasury
Stock
Retained Earnings
Accum. Oth Comp. Inc
Stockholders’ Equity
January 30, 2010
$2,990
$(9,069)
$10,815
$155
$4,891
Sale of stock
4

4
Purchase of stock

(1,797)

(1,797)
Net income

1,204

1,204
Other comp. income

30
30
Cash dividends

(252)

(252)
January 29, 2011
$2,994
$(10,866)
$11,767
$185
$4,080

M2-23 (10 minutes)

2011
2012
Beginning retained earnings
$89,089
$ 69,634
Add: Net income (loss)
(19,455)
48,192
Less: Dividends 0 (15,060)
Ending retained earnings
$69,634
$102,766

M2-24 (10 minutes)

Johnson & Johnson
Statement of Retained Earnings
For Year Ended January 2, 2011
Retained earnings, January 3, 2010
$70,306
Add: Net earnings 13,334
Add: Other retained earnings changes (63)
Less: Dividends (5,804)
Retained earnings, January 2, 2011
$77,773

P2-40 (30 minutes)

Balance Sheet
Income Statement

Transaction
Cash Asset
+
Noncash Assets
=
Liabil- ities +
Contrib. Capital
+
Earned
Capital
Rev-enues

Expen-ses
=
Net
Income
Cash 10,000 CS 10,000

• Shareholders contribute $10,000 cash to the business in exchange for common stock
+10,000
Cash

=

+10,000
Common
Stock



=

WE 500 WP 500

• Employees earn $500 in wages that have not been paid at period-end

=
+500
Wages

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