E1-3 Preparing a Balance Sheet [LO 1-2, LO 1-3] Luxury Shoe Warehouse, Inc. is a
ID: 2607997 • Letter: E
Question
E1-3 Preparing a Balance Sheet [LO 1-2, LO 1-3] Luxury Shoe Warehouse, Inc. is a designer shoe warehouse, selling some of the most luxurious and fashionable shoes at prices that people can actually afford. Its balance sheet, at February 2, 2013, contained the following (listed alphabetically, amounts in thousands). Accounts Payable $ 294,900 117,600 320,200 848,600 457,100 396,600 129,600 18,400 1,291,500 Accounts Receivable Cash Common Stock . Equipment Inventory Notes Payable Retained Eanings Total Assets Total Liabilities and Stockholders' Equity Required: 1. Prepare the balance sheet as of February 2, 2013. (Enter your answers in thousands.) Luxury Shoe Warehouse, Inc Balance Sheet (in thousands) GMExplanation / Answer
Balance sheet is the set of information at the period-end where all assets, liabilities, and owners’ equity are reflected.
Balance sheet
As at 02/02/2013
Assets
$ in thousand
Current assets:
Cash
320,200
Accounts receivable
117,600
Inventory
396,600
Total current assets
834,400
Fixed assets:
Equipment
457,100
Total assets
1,291,500
Liabilities and owners’ equity:
Current liabilities:
Accounts payable
294,900
Long-term liabilities:
Notes payable
129,600
Total liabilities
424,500
Owners’ equity:
Retained earnings
18,400
Common stock
848,600
Total owners’ equity
867,000
Total liabilities and owners’ equity
1,291,500
Note: Shareholders’ equity is the same as owners’ equity.
Remark: The balance sheet is exactly tallying, since total asset is equal to total liabilities and owners’ equity.
Assets
$ in thousand
Current assets:
Cash
320,200
Accounts receivable
117,600
Inventory
396,600
Total current assets
834,400
Fixed assets:
Equipment
457,100
Total assets
1,291,500
Liabilities and owners’ equity:
Current liabilities:
Accounts payable
294,900
Long-term liabilities:
Notes payable
129,600
Total liabilities
424,500
Owners’ equity:
Retained earnings
18,400
Common stock
848,600
Total owners’ equity
867,000
Total liabilities and owners’ equity
1,291,500
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