In this exercise you will practice using the actual data of a well-known company. The 19X9 annual

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In this exercise you will practice using the actual data of a well-known company. The 19X9 annual report of Toys "" Us reported net sales revenue of $11.170 million. Total expenses for the year were $11.302 million. Toys " Us ended the year with total assets of $7.899 million, and the company owed debts totaling $4.275 million at year end. During the preceding year, 19X8. Toys "R" Us earned net income of $490 million. At year-end 19X8. Toys " Us reported total assets of $7.963 million and total liabilities of $3.535 million. Required 1. Compute Toys "R" Us's net income for 19X9. Did net income increase or decrease from 19X8 to 19X9, and by how much? 2. Did Toys"Us's owners' equity increase or decrease during 19X9? By how much? 3. Toys "Us management strives for a steady increase in net income and owners' equity. How would you rate Toys "R" Us's performance for 19X9-excellent, fair, or poor? Give your reason.

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