Question

Danier Leather Inc. is one of the largest publicly traded specialty apparel leather retailers in the world. The following information (all amounts in thousands) can be found on its recent balance sheets (or statements of financial position, as Danier Leather calls them) Dec. 24, June 25, 2011 Dec. 25, 2010 5 Cash and cash equivalents Accounts receivable Inventories Prepaid expenses Property and equipment Other long-term assets Payables and accruals Income taxes payable Other current liabilities Non-current liabilities Shareholders' equity $31,803 1,686 36,789 426 15,315 2,677 16,010 583 3,586 1,392 67,125 $28,698 391 28,964 901 14,404 2,732 11,024 278 1,536 1,318 60,272 $25,406 385 41,163 381 15,808 2,943 19,650 1,097 3,659 1,414 61,928 Your answer is incorrect. Try again. Calculate Danier Leather's current assets and current liabilities for each period. (Enter amounts in thousands.) Dec. 24, 2011 June 25, 2011 Dec. 25, 2010 Current assets Current liabilities

Answer 1

Calculate current assets and current liabilities for each period as follows: A B D 3 Cash and cash equivalents 4 Accounts receivable 5 Inventories 6 Prepaid expenses 7 Current Asstes December 24, 2011 $31.80 $1.69 $36.79 $0.43 $70.70 C (S in thousands) June 25, 2011 $28.70 $0.39 $28.96 $0.90 $58.95 December 25, 2010 $25.41 $0.39 $41.16 $0.38 $67.34 Li. . . ale 9 Payables and accruals 10 Income tax payable 11 Other current liabilities 12 Current liabilities $16.01 $0.58 $3.59 $20.18 $11.02 $0.28 $1.54 $12.84 $19.65 $1.10 $3.66 $24.41