Financial information for American Eagle is presented in Appendix A at the end of the book. Required:

Question:

Financial information for American Eagle is presented in Appendix A at the end of the book.

Required:

1. Calculate American Eagle’s percentage change in total assets and percentage change in net sales for the most recent year.

2. Calculate American Eagle’s percentage change in net income for the most recent year.

3. Did American Eagle issue any common stock in the most recent year?

4. Do you see the term debit or credit listed in the balance sheet? Which account types in the balance sheet increase with a debit and which ones increase with a credit?

5. Do you see the term debit or credit listed in the income statement? Which account types in the income statement increase with a debit? Which increase with a credit?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...