Solution-Prepare circuit citys retained earnings statement

Prepare circuit citys retained earnings statement

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Reference no: EM13535343

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.

Reference no: EM13535343

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Prepare circuit citys retained earnings statement

Reference no: EM13535343

Reference no: EM13535343

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