Excel Applications for Accounting Principles
4th Edition
ISBN: 9781111581565
Author: Gaylord N. Smith
Publisher: Cengage Learning
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Chapter C, Problem 2C
To determine
Determine and group the ratios for all the five years, by type. Compare ratios to industry standards, and draw a 3-D area chart.
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Show-Off, Inc., sells merchandise through three retail outlets-in Las Vegas, Reno, and Sacramento-and operates a general corporate
headquarters in Reno. A review of the company's income statement indicates a record year in terms of sales and profits. Management,
though, desires additional insights about the individual stores and has asked that Judson Wyatt, a newiy hired intern, prepare a
segmented income statement. The following information has been extracted from Show-Off's accounting records:
• The sales volume, sales price, and purchase price data follow:
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noncontrollable (but traceable) costs:
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5%
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Sales manager…
Abercrombie and Fitch is a leading retailer of casual apparel for men, women, and children. Assume that you are employed as a stock analyst and your boss has just completed a review of the new Abercrombie annual report. She provided you with her notes, but they are missing some information that you need. Her notes show that the ending inventory for Abercrombie in the current and previous years was $424,393,000 and $399,795,000, respectively. Net sales for the current year were $3,492,690,000. Cost of goods sold was $1,408,848,000. Income before taxes was $55,161,000.
Required:
Determine the amount of purchases for the year. (Hint: Use the cost of goods sold equation or the inventory T-account to solve for the needed value.)
Before you begin this assignment, it will be helpful if you review Macy's, Inc. 2015 annual report
(https://www.sec.gov/Archives/edgar/data/794367/000079436716000221/m-0130201610k.htm)
Macy's, Inc. is a premier retailer in the United States, operating nearly 900 stores in 45 states. Macy's, Bloomingdale's, and Bloomingdale's Outlet are all brands that operate under Macy's, Inc. The company sells a wide range of merchandise including apparel and accessories, cosmetics, home furnishings, and other goods. Macy's, Inc. purchases its merchandise from many suppliers and also develops its own private label brands.
Read the requirements:
1. Under the new revenue recognition rules, how will Macy's record and recognize sales revenue? Which financial statement is sales revenue reported on?
2. Macy's, Inc. reported cost of sales of $16,496 million for the year ending January 30, 2016. Which financial statement is cost of sales (also known as cost of goods sold)…
Chapter C Solutions
Excel Applications for Accounting Principles
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