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Formulating Financial Statements from Raw Data Following is selected financial information from Abercrombie & Fitch for its fiscal year ended February 1, 2014 (5 millions):
Formulating Financial Statements from Raw Data Following is selected financial information from Abercrombie & Fitch for its fiscal year ended February 1, 2014 (5 millions): Cash Asset $3.304 Cash flows from operations 1.572.2 Sales 13,876 Stockholders' Equity 6.964 Cost of Goods Sold 5,028 Cash flows from financing (572) Total Liabilities 4,800 Other Expenses, including income taxes 8.248 Noncash Assets 8,460 Cash flows from investing (372) Net Income 600 Effect of exchange rate changes on cash (4.2) Cash, beginning year 2.680 Required a. Prepare an income statement, balance sheet, and statement of cash flows for Abercrombie & Fitch. Note: Use negative signs with your answers for the statement of cash flows, when appropriate ABERCROMBIE & FITCH INCOME STATEMENT For Year Ended February 1, 2014 (5 millions) Sales $ 0 e 0 e 0 Other Expenses, including income taxes e 5 ABERCROMBIE & FITCH BALANCE SHEET February 1, 2014 (5 millions) 5 0 Cash Asset S 0 e ooo Total Assets $ 0 Total Liabilities and Equity $ For Year Ended February 1, 2014 (5 millions) Sales 5 0 e 0 0 e Other Expenses, including income taxes $ 0 0 ABERCROMBIE & FITCH BALANCE SHEET February 1, 2014 (5 millions) 0 0 $ Total Liabilities and Equity Cash Asset $ e $ 0 e a 0 O Total Assets 5 ABERCROMBIE & FITCH STATEMENT OF CASH FLOWS For Year Ended February 1, 2014 (5 millions) S 0 0 0 0 Effect of exchange rate changes on cash Net change in cash a 0 0 Cash endine year $ 0 b. Determine the owner and creditor financing levels. (Round answers to one decimal place) Percentage contributed by owners = 0 96 Percentage contributed by creditors = 0 96
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