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The following financial data were adapted from the annual report of Circuit City Stores Inc. for the period ending May 30, 2001.
In thousands
Accounts payable
$ 821,591
Accounts receivable
594,228
Accrued liabilities
154,795
Capital stock
768,662
Cash
404,501
Cost of goods sold
2,112,121
Dividends
3,621
Income taxes
10,400
Interest expense
2,992
Inventories
1,731,833
Other assets
103,154
Other liabilities
459,038
Property, plant, and equipment
981,031
Sales
2,678,474
Selling, general, and administrative expenses
535,994
Instructions
1. Prepare Circuit City's income statement for the year ending May 30, 2001.
2. Prepare Circuit City's retained earnings statement for the year ending May 30, 2001.
Note: The Retained Earnings at May 31, 2000, was $1,597,315.
3. Prepare a balance sheet as of May 30, 2001 for Circuit City.
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