The purpose of this mini-case is to familiarize you with the EarthWear Company by reviewing key pieces of information included in the annual report in the textbook. You can locate the EarthWear Clothiers 2021 Annual Report following Chapter 1 in the textbook. In the ebook format, the EarthWear Clothiers 2021 Annual Report appears as a separate section following Chapter 1. Please refer to the Table of Contents in your respective text should you have issues locating the EarthWear Clothiers 2021 Annual Report.

INSTRUCTIONS:

Find the information requested below and record your answers in the space provided as evidence that you've reviewed the EarthWear Clothiers 2021 Annual Report. Remember that the purpose of this exercise is to become familiar with the annual report, so please take a few minutes to review all content. This activity is not meant to be difficult but the more familiar you are with the company the more time you will save on future assignments.

Who is the current CEO of EarthWear?

(Click to select) James Williams James C. Watts Calvin J. Rodgers

How much did Accounts Payable change in dollars and percent from 2020 to 2021?

(Click to select) Decreased $35,367 or 26.51% Increased $13,579 or 29.89% Increased $18,201 or 18.56%

In which of the last 5 years was EarthWear's Net Income highest, and what was Net Income in that year?

(Click to select) 2017 (Net Income of $34,569) 2018 (Net Income of $41,698) 2019 (Net Income of $59,740) 2020 (Net Income of $43,120) 2021 (Net Income of $56,653)

Does EarthWear use the FIFO or LIFO inventory valuation method?

(Click to select) LIFO (Last In, First Out) FIFO (First In, First Out)

What is the date of Willis & Adams' Audit Report included in the Annual Report?

(Click to select) April 1, 2021 September 30, 2021 December 31, 2021 January 1, 2022 February 15, 2022