Refer to the Gildan financial statements located in Appendix A at the end of this book and on MyAccountingLab. Notice that all amounts are reported in thousands of U.S. dollars.
Also, Gildan has a 52-week fiscal year, so its fiscal year end changes from year to year. In Gildan's case, the year end was October 2 in 2011 and October 3 in 2010.
Required
1. How much cash and cash equivalents did Gildan have at October 2, 2011?
2. What were total assets at October 2, 2011? At October 3, 2010?
3. Write the company's accounting equation at October 2, 2011, by filling in the dollar amounts:
Assets = Liabilities + Shareholders' Equity
4. Identify total revenue for the year ended October 2, 2011. Do the same for the year ended
October 3, 2010. Did revenue increase or decrease in fiscal 2011?
5. How much net income or net loss did Gildan experience for the year ended October 2,
2011? Was 2011 a good year or bad year compared to 2010?