1. The following is selected financial information from Tilly’s, Inc. Prepare th
ID: 2402863 • Letter: 1
Question
1. The following is selected financial information from Tilly’s, Inc. Prepare the Income Statement, Balance Sheet and Cash Flow for February 2014 and 2013 using the below info.
Tillys info
($thousands)
Feb 1 2014
Feb 2 2013
Cash and cash equlvalents
25412
17315
Cash flow from operations
43794
41730
Cost of goods sold
343542
317096
Total liabilities
91484
88085
Total assets
232407
205381
Cash flow from financing
1834
22819
Sales revenue
495837
467291
Cash flow from investing
(37530)
(72326)
Other expenses, including income taxes
134158
126302
Tillys info
($thousands)
Feb 1 2014
Feb 2 2013
Cash and cash equlvalents
25412
17315
Cash flow from operations
43794
41730
Cost of goods sold
343542
317096
Total liabilities
91484
88085
Total assets
232407
205381
Cash flow from financing
1834
22819
Sales revenue
495837
467291
Cash flow from investing
(37530)
(72326)
Other expenses, including income taxes
134158
126302
Explanation / Answer
Q1) The statement of total income and total expenses in order to reach a net income is the income statement.
In the book of T. Inc
Income statement
For the period ended, February 2014 and 2013
Heads
Feb 2014
Feb 2013
Total revenues
495837
467291
Cost of goods sold
(343542)
(317096)
Gross profit
152,295
150,195
Other expenses
(134158)
(126302)
Net income
18,137
23,893
Q2) Balance sheet is a statement of all assets, liabilities and capital of the firm.
In the book of T. Inc
Balance sheet
As at February 2014 and 2013
Assets
2014
2013
Liabilities & Capital
2014
2013
Current assets:
Total liabilities
91484
88085
Cash & equivalent
25412
17315
Capital (including net income) (Note 2)
140923
117296
Other assets (Note 1)
206995
188066
Total assets
232,407
205,381
Total liability & Cap
232,407
205,381
Note 1: Other assets = Total assets – Cash & equivalent
Note 2: Capital = Total assets – Total liabilities
Q3) Cash flow statement shows incoming and outgoing of cash for a certain period.
In the book of T. Inc
Cash flow statement
For the period 2014 and 2013
Heads
2014
2013
Cash from operation
43794
41730
Cash from financing
1834
22819
Cash from investing
(37530)
(72326)
Cash increase or (decrease)
8,098
(7,777)
Add: Beginning cash & equivalent
17,315
25,092
Ending cash & equivalent
25,413
17,315
Note: Ending cash of 2013 should be added to cash decrease to get the beginning cash.
Heads
Feb 2014
Feb 2013
Total revenues
495837
467291
Cost of goods sold
(343542)
(317096)
Gross profit
152,295
150,195
Other expenses
(134158)
(126302)
Net income
18,137
23,893
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