Courtney, K_MBA 6014Unit3_P5-3,100% CORRECT

Courtney, K_MBA 6014Unit3_P5-3 CP5-2 Finding Financial Information LO5-2, 5-3 Refer to the financial statements of Urban Outfitters given in Appendix C at the end of this book. company warns readers that “The accompanying notes are an integral part of these financial stat illustrate the types of information that you can find in the financial statements and accompanyin Required: 1. What subtotals does Urban Outfitters report on its income statement? 2. The company spent $190,010,000 on capital expenditures (property, plant, and equipment) during the most recent year. Were operating activities or financing activities the major source 3. What was the company's largest asset (net) at the end of the most recent year? 4. How does the company account for costs associated with developing its websites? 5. Over what useful lives are buildings depreciated? 6. What portion of gross “Property and Equipment” is composed of “Buildings”? 7. Compute the company's gross profit percentage for the most recent two years. (Dollars in th Year Ended Gross Profit / Net Sales = Gross Profit % 2012 $ 860,536 $ 2,473,801 34.8% 2011 936,620 2,274,102 41.2% Has it risen or fallen? Explain the meaning of the change. At the bottom of each statement, the ements.” The following questions g notes. (Hint: Use the notes.) and $169,467,000 purchasing investments of cash for these expenditures? ousands.) P5-3 Preparing a Balance Sheet and Analyzing Some of Its Parts LO5-3 Exquisite Jewelers is developing its annual financial statements for 2015. The following amounts were cor cash, $58,000; accounts receivable, $71,000; merchandise inventory, $154,000; prepaid insurance, $1,500 investment in stock of Z corporation (long-term), $36,000; store equipment, $67,000; used store equipme accumulated depreciation, store equipment, $19,000; accounts payable, $52,500; long-term note payable retained earnings, $164,000; and common stock, 100,000 shares outstanding, par value $1.00 per share ( Required: 1 Based on these data, prepare a December 31, 2015, balance sheet. (Amounts to be deducted Possible input areas are shaded. EXQUISITE JEWELERS Balance Sheet December 31, 2015 Assets Current assets: Cash 58,000 Accounts receivable 71,000 Merchandise inventory 154,000 Prepaid insurance 1,500 Total current assets $ 284,500 Long-term investments: Investment in Z Corporation 36,000 Fixed assets: Accumulated depreciation 19,000 48,000 Store equipment 67,000 Total fixed assets $ 86,000 Other assets: Used store equipment held for disposal 9,000 Total assets $ 415,500 Liabilities Current liabilities: Accounts payable 52,500 Income taxes payable 9,000 Total current liabilities $ 61,500 Long-term liabilities: Note payable 42,000 Total liabilities $ 103,500 Stockholders' Equity Contributed capital: Common stock 100,000 Additional paid-in capital 10,000 Total contributed capital $ 110,000 Retained earnings 164,000 Total stockholders' equity $ 274,000 Total liabilities and stockholders' equity $ 377,500 Required: 2 What is the net book value of the store equipment? rect at December 31, 2015: ; nt held for disposal, $9,000; , $42,000; income taxes payable, $9,000; originally sold and issued at $1.10 per share). should be indicated by a minus sign.) P5-3 Preparing a Balance Sheet and Analyzing Some of Its Parts LO5-3 Exquisite Jewelers is developing its annual financial statements for 2015. The following amounts were correct cash, $58,000; accounts receivable, $71,000; merchandise inventory, $154,000; prepaid insurance, $1,500; investment in stock of Z corporation (long-term), $36,000; store equipment, $67,000; used store equipment he accumulated depreciation, store equipment, $19,000; accounts payable, $52,500; long-term note payable, $42 retained earnings, $164,000; and common stock, 100,000 shares outstanding, par value $1.00 per share (origin Required: 1 Based on these data, prepare a December 31, 2015, balance sheet. (Amounts to be deducted sho Possible input areas are shaded. EXQUISITE JEWELERS Balance Sheet December 31, 2015 Assets Current assets: Total current assets $ - Long-term investments: Fixed assets: Total fixed assets - Other assets: Total assets $ 377,500 Liabilities Current liabilities: Total current liabilities $ - Long-term liabilities: Total liabilities - Stockholders' Equity Contributed capital: Total contributed capital - Total stockholders' equity - Total liabilities and stockholders' equity $ - Required: 2 What is the net book value of the store equipment? at December 31, 2015: ld for disposal, $9,000; ,000; income taxes payable, $9,000; ally sold and issued at $1.10 per share). uld be indicated by a minus sign.)