C3- US GAAP The following is the balance sheet (statement of financial position) for Nordstrom, Inc. (USA).

Nordstrom, Inc. Consolidated Balance Sheets In millions

Assets

Current Year

Prior Year

Current assets:

Cash and cash equivalents

$595

$827

Accounts receivable, net

196

2,306

Merchandise inventories

1,945

1,733

Current deferred tax assets, net

256

Prepaid expenses and other

278

102

Total current assets

3,014

5,224

Land, property and equipment, net

3,735

3,340

Goodwill

435

435

Other assets

514

246

Total Assets

$7,698

$9,245

Liabilities and Shareholders Equity

Current liabilities:

Accounts payable

$1,324

$1,328

Accrued salaries, wages and related benefits

416

416

Other current liabilities

1,161

1,048

Current portion of long-term debt

10

8

Total current liabilities

2,911

2,800

Long-term debt, net

2,795

3,123

Deferred property incentives, net

540

510

Other liabilities

581

372

Commitments and contingencies (Note 12)

Shareholders equity:

Common stock, no par value: 1,000 shares authorized; 173.5 and 190.1 shares issued and outstanding

2,539

2,338

(Accumulated deficit) Retained earnings

(1,610)

166

Accumulated other comprehensive loss

(58)

(64)

Total shareholders equity

871

2,440

Total liabilities and shareholders equity

$7,698

$9,245

Instructions

1. Identify at least three differences in statement of financial position reporting between IFRS and U.S. GAAP, as shown in Nordstroms balance sheet.

2. Review Nordstroms balance sheet and identify how the format of this financial statement provides useful information, as illustrated in the chapter.

Prior Year 587 La 300 524 300 2:46 BS US GAAP The following is the balance sheet statement of financial pesition) for Nordstrom, Inc. (USA) Nordstrom. In Consolidated Balance Sheet In million Current Assets Year Current Cash cash equivalents Accounts rivale, et 196 Merchandise inventories 1945 Current deferred tax Prepaid the Total current 04 Land property and equipment. Det 3.735 Goodwill Other 514 Total Assets Liabilities and Shareholder's Equality Current liabilities Accounts payable $1.324 Accred salaries, was and related benefits Other current lite Current portion of long-term debt Total current liabi Long-term delt, et 26 Deferred property inerti, et 500 Other late SH Commitments and continues (Note 1) Shareholders' equity Common ock, no par value: 1.000 shares hered. 1935 and 390 sharewed and standing Accumulated deficit) Retaited curity Accumulated other comprehensive Total shareholders' equity Total liabilities and shareholders equity S. 5132 46 10 2.500 50 166 (64) 2.4 Identify at least three differences in statement of financial position reporting between IFRS and US GAAP. an sin Nordstro's balance sheet 2. Review Nordstrom's Balance sheet and still be the this final statement provides weal information, illustrated in the chapter 196 1.945 1.733 102 5.224 3.735 435 435 514 C3- US GAAP The following is the balance sheet (statement of financial position) for Nordstrom, Inc. (USA). Nordstrom, Inc. Consolidated Balance Sheets In millions Current Prior Assets Year Year Current assets: Cash and cash equivalents $595 $827 Accounts receivable, net 2,306 Merchandise inventories Current deferred tax assets, net 256 Prepaid expenses and other 278 Total current assets 3.014 Land, property and equipment, net 3,340 Goodwill Other assets 246 Total Assets $7,698 $9,245 Liabilities and Shareholder's Equity Current liabilities: Accounts payable $1.324 $1.328 Accrued salaries, wages and related benefits Other current liabilities Current portion of long-term debt Total current liabilities 2,800 Long-term debt, net 3,123 Deferred property incentives, net 540 Other liabilities 581 Commitments and contingencies (Note 12) Shareholders' equity: Common stock, no par value: 1,000 shares authorized; 1735 and 190.1 shares issued and outstanding 2.539 2.338 (Accumulated deficit) Retained earnings (1,610) Accumulated other comprehensive loss (58) (64) Total shareholders' equity 871 Total liabilities and shareholders' equity $7,698 $9,245 Instructions 1. Identify at least three differences in statement of financial position reporting between IFRS and U.S. GAAP, as shown in Nordstrom's balance sheet. 2. Review Nordstrom's balance sheet and identify how the format of this financial statement provides useful information, as illustrated in the chapter. 416 1,161 416 1,048 10 8 2,911 2,795 510 372 166 2,440