Question

Answer question please.
Formulating Financial Statements from Raw Data Following is selected financial information from Abercrombie & Fitch for its fiscal year ended February 1, 2014 ($ millions): Cash Asset $826 Cash flows from operations 396.2 Sales 3,469 19 Stockholders' Equity 1,891 Cost of Goods Sold 1.257 1,757 Cash flows from financing (143) (1438 1,050 Other Expenses, including income taxes 2,062 2.115 Noncash Assets No cash Assets Cash flows from investing 193) 173) Net Income 150 Effect of exchange rate changes on cash (4.2) Cash, beginning year 670 Total Liabilities Required a. Prepare an income statement, balance sheet, and statement of cash flows for Abercrombie & Fitch. Note: Use negative signs with your answers for the statement of cash flows, when appropriate. ABERCROMBIE & FITCH INCOME STATEMENT For Year Ended February 1, 2014 ($ millions) Sales $ Other Expenses, including income taxes . $ ABERCROMBIE & FITCH BALANCE SHEET February 1, 2014 (s millions)

Answer 1

a. Income statement

Abercrombie & FITCH
INCOME STATEMENT
For Year Ended February 1, 2014
($ millions)
			$
Sales			3,469
Less COGS		-1,257
	Gross profit		2,212
Less
Other expenses, including incomes taxes		-2,062
Net Income		150

Balance sheet

Abercrombie & FITCH
BALANCE SHEET
February 1, 2014
($ millions)
Assets	Liabilites
Cash Assets	826	Stockholders equity	1,891
Non cash assets	2,115	Other liabilites	1,050
	2941		2,941

Cash Flow statement

Abercrombie & FITCH
Cash flow
February 1, 2014
($ millions)
Cash flow from Operating activites
Cash from operations		396.2
Total cash flow from operating activies			396.2
Cash flow from Investing activites
Cash from investing		-93
Total cash flow from investing activies			-93
Cash flow from financing activites
Cash from financing		-143
Total cash flow from financing activies			-143
Net cash from all activites			160.2
Less effect of exchange rate changes on cash			-4.2
Net change in cash			156
Opening cash bal		826
closing cash balance		670
Net change in cash ( 826 - 670)			156

B.

Owners equity =	1,891
Other liabilites =	1,050
	2,941
Owners contribution =	1,891	x	100	64.29786
2,941	64%
Creditors contribution =	1,050	x	100	35.70214
2,941	36%

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