The following financial data were adapted from the annual report of Circuit City Stores Inc. for the period ending May 30, 2001.
|
In thousands |
|
|
Accounts payable |
$ 821,591 |
|
Accounts receivable |
594,228 |
|
Accrued liabilities |
154,795 |
|
Capital stock |
768,662 |
|
Cash |
404,501 |
|
Cost of goods sold |
2,112,121 |
|
Dividends |
3,621 |
|
Income taxes |
10,400 |
|
Interest expense |
2,992 |
|
Inventories |
1,731,833 |
|
Other assets |
103,154 |
|
Other liabilities |
459,038 |
|
Property, plant, and equipment |
981,031 |
|
Sales |
2,678,474 |
|
Selling, general, and administrative expenses |
535,994 |
Instructions
1. Prepare Circuit City’s income statement for the year ending May 30, 2001.
2. Prepare Circuit City’s retained earnings statement for the year ending May 30, 2001.
Note: The Retained Earnings at May 31, 2000, was $1,597,315.
3. Prepare a balance sheet as of May 30, 2001 for Circuit City.