The following financial data were adapted from the annual report of Circuit City Stores Inc. for the period ending May 30, 2001.
|
In thousands
|
|
Accounts payable
|
$ 821,591
|
|
Accounts receivable
|
594,228
|
|
Accrued liabilities
|
154,795
|
|
Capital stock
|
768,662
|
|
Cash
|
404,501
|
|
Cost of goods sold
|
2,112,121
|
|
Dividends
|
3,621
|
|
Income taxes
|
10,400
|
|
Interest expense
|
2,992
|
|
Inventories
|
1,731,833
|
|
Other assets
|
103,154
|
|
Other liabilities
|
459,038
|
|
Property, plant, and equipment
|
981,031
|
|
Sales
|
2,678,474
|
|
Selling, general, and administrative expenses
|
535,994
|
Instructions
1. Prepare Circuit City's income statement for the year ending May 30, 2001.
2. Prepare Circuit City's retained earnings statement for the year ending May 30, 2001.
Note: The Retained Earnings at May 31, 2000, was $1,597,315.
3. Prepare a balance sheet as of May 30, 2001 for Circuit City.