Financial information for Buckle is presented in Arpendix B. Required: 1-a. The summary of significant accounting policies is located in note A to the financial statements. Locate the section on property and equipment. What depreciation method does Buckle use? Straight-line method Double-declining method Both straight-line and accelerated methods 1-b. What are the estimated useful lives for property and equipment and for buildings? Answer is complete and correct. Property and equipment Buildings years 5 to 10 315 to 39 Oo years 2-a. Find note D entitled Property and Equipment. What is the cost of property and equipment for the year 2018? (Enter answers in thousands of dollars.) Answer is complete and correct. The cost of property and equipment is $ 459,043 2-b. What is the trend in property and equipment for the past two years? Increase Decrease 3. From the balance sheet, what two other types of long-term assets are listed? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect) Long-term investments Other assets Patents Trademarks Goodwill ASSETS February 2018 January 28 2017 CURRENT ASSETS Cash and cash equivalents Short-term investments Notes Band) Receivables Inventory Prepaid expenses and other assets (Note 1) Total current mets 165.0865 50,633 29.044 210 ITR007 IR 070 54 PROPERTY AND EQUIPMENT (Note) Leis accumulated depreciation and amortisation 499.00 (309.4T) 45 20 21.450 LONG-TERM INVESTMINTS (Notes BandC) OTHER ASSETS (Notes Fund) siis 5 Total acts LIABILITIES AND STOCKHOLDERS' EQUITY CURRINT LA LLITIES: Accounts payable 33 CS 14 $ $ Accounts payable Accrued employee compensation Accrued store operating expenses Gift certificates redeemable Income taxes payable Total current liabilities 29,387 22.107 15,646 18.102 12,364 97.606 25,079 26.900 14,695 21.199 10,217 98 616 DEFERRED COMPENSATION (Note 1) DEFERRED RENT LIABILITY Total liabilities 13,012 15,154 3. ON 146.268 COMMITMENTS (Notes E and H) STOCKHOLDERS' EQUITY (Note 1) Common stock, authorized 100,000,000 shares of S.ol pur value, 48.816,170 and 48,602,780 shares issued and outstanding at February 3, 2018 and January 28, 2017, respectively Additional pad-in capital Retained earnings Accurated other comprehensive loss Total stockholders' equity 188 144,279 246.370 486 1.1919 0.737 (3) 391,24 Total liabilities and stockholders' equity 5 116 $ 579,00 Scc notes to consolidated financial statements February 2018 Fiscal Year Ended January 28, 2017 January 30, 2016 SALES, Net of returns and allowances of $87,389,5101,375, and $113,325, respectively S 913,180 $ 974,873 5 1.119,616 COST OF SALES (Including buying, distribution, and occupaney ) 533,357 577.705 380,001 397,168 181, 101 Gross profit OPERATING EXPENSES Selling General and administrative 206,0668 39,872 345 205,933 38,475 244408 212531 3. 351,13 INCOME FROM OPERATIONS 134,078 152.760 5,407 3311 0216 OTHER INCOME, Net 119,485 156.271 INCOME BEFORE INCOME TAXES 49,778 58310 7,5 PROVISION FOR INCOME TAXES (Note F) 89,7075 71 5 NET INCOME 913,3805 974,873 $ 1.119.616 SALES, Net of returns and allowances of 887,389, 5101,375, and $113,325, respectively COST OF SALES (Including buying, distribution, and occupancy costs) Gross profit 533,357 $77,705 638,215 30,123 197,168 N14101 OPERATING EXPENSES Selling General and administrative 20606 39N77 245,945 205.923 1675 244.400 212,331 102 SINIS INCOMIE VROM OPERATIONS 114.07 153,700 OTHER INCOME, Net 5.40 2.51 26 INCOME BEFORE INCOME TAXES 119.433 49.77 110 7.54 PROVISION FOR INCOME TAXES (Note 89,7075 97.961 HT NET INCOME IN IN 30 EARNINGS PER SHARE (Note ) Basi 1
