(Learning Objective 4: Construct the financial statements) Suppose Robin SportingGoods Company reported the following data at July 31, 2018, with amounts in thousands:Cost of goods sold................. $136,800Cash...................................... 50,000Property and equipment, net ... 19,400Common stock...................... 26,000Inventories ............................ 36,000Long-term liabilities.............. 11,700Dividends.............................. 0Retained earnings,July 31, 2017 ............ $ 31,500Accounts receivable....... 34,000Net revenues ................. 191,000Total current liabilities.. 80,000All other expenses......... 29,000Other current assets ...... 5,000Other assets................... 30,000Use these data to prepare Robin Sporting Goods Company’s single-step income statement forthe year ended July 31, 2018; statement of retained earnings for the year ended July 31, 2018;and classified balance sheet at July 31, 2018. Use the report format for the balance sheet. Drawarrows linking the three statements.
(Learning Objective 4: Construct the financial statements) Suppose Robin Sporting
Goods Company reported the following data at July 31, 2018, with amounts in thousands:
Cost of goods sold................. $136,800
Cash...................................... 50,000
Property and equipment, net ... 19,400
Common stock...................... 26,000
Inventories ............................ 36,000
Long-term liabilities.............. 11,700
Dividends.............................. 0
July 31, 2017 ............ $ 31,500
Accounts receivable....... 34,000
Net revenues ................. 191,000
Total current liabilities.. 80,000
All other expenses......... 29,000
Other current assets ...... 5,000
Other assets................... 30,000
Use these data to prepare Robin Sporting Goods Company’s single-step income statement for
the year ended July 31, 2018; statement of retained earnings for the year ended July 31, 2018;
and classified
arrows linking the three statements.
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