Refer to the financial statements and related disclosure notes of PetSmart in Appendix B located at the

Question:

Refer to the and related disclosure notes of PetSmart in Appendix B located at the back of the text.
Required:
1. What categories does the company use to classify its assets? its liabilities?
2. Why are investments shown as a current asset?
3. Explain the current liability "Accrued payroll, bonus, and employee benefits."
4. What purpose do the disclosure notes serve?
5. What method does the company use to depreciate its property and equipment?
6. Does the company report any subsequent events or related party transactions in its disclosure notes?
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...