Question

The following selected data are adapted from the November 27, 2011, and November 28, 2010, consolidated balance sheets and income statements for the years then ended for Levi Strauss & Co. and Subsidiaries. All amounts are reported in thousands. Required: Calculate the missing amounts for each year. (Negative amounts should be indicated by a minus sign.) 2010 2011 4,056,153 $ 1,791,187 2,516,521 2,051,507 1,345,307 Net revenues Cost of goods sold Gross profit Selling, general and administrative expenses Operating income Interest expense and other expenses, net Income before income taxes Income tax expense Net income 344,641 250,092 92.129 318,025 43,534 $ 26,994 $ As at November 27 and 28, respectively: $ Total assets Total liabilities Total stockholders' deficit 2,886,002 4,256,926 4,316,439 (1,393,172)

Answer 1

Ans.	Particulars	2011	2010
	Net revenue	$4,056,153	$4,568,028
	Cost of goods sold	$2,264,966	$2,516,521
	Gross margin	$1,791,187	$2,051,507
	Selling, general and administrative expenses	$1,448,966	$1,345,307
	Operating income	$342,221	$706,200
	Interest expenses and other expenses, net	$250,092	$344,641
	Income before income taxes	$92,129	$361,559
	Income tax expenses	$65,135	$318,025
	Net income	$26,994	$43,534
	As at November 27 and 28 respectively :
	Total assets	$2,886,002	$2,923,267
	Total liabilities	$4,256,926	$4,316,439
	Total stockholder's deficit	-$1,370,924	-$1,393,172
	*Working Notes:
	*Calculations for 2011:
	Cost of goods sold = Net revenues - Gross margin
	$4,056,153 - $1,791,187   =   $2,264,966
	Operating Income   =    Interest expenses and other expenses, net + Income before income taxes
	$250,092 + $92,129 = $342,221
	Selling, general and administrative expenses   =   Gross margin - Operating income
	$1,791,187 - $342,221 = $1,448,966
	Income tax expenses = Income before income taxes - Net income
	$92,129 - $26,994   =   $65,135
	Total stockholder's deficit = Total assets - Total liabilities
	$2,886,002 - $4,256,926   =     -$1,370,924
	*Calculations for 2010:
	Net revenues   =   Cost of goods sold + Gross margin
	$2,516,521 + 2,051,507 =    $4,568,028
	Operating income     =    Gross margin -   Selling, general and administrative expenses
	2,051,507 -   $1,345,307 =    $706,200
	Income before income taxes =    Net income + Income tax expenses
	$43,534 + $318,025    =    $361,559
	Total assets   = Total stockholder's deficit + Total liabilities
	-$1,393,172 + $4,316,439   =   $2,923,267