Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN: 9781285595047
Author: Weil
Publisher: Cengage
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c. Compute the quick ratio for each company. Round your answers to one decimal place.
Abercrombie:
The Gap:
Current assets:
Analyze and compare Abercrombie & Fitch and The Gap
Abercrombie & Fitch Co. (ANF) and The Gap, Inc. (GPS) are two U.S. apparel retailers. The current assets and current liabilities for each
company from recent balance sheets are as follows (in thousands):
Cash
Accounts receivable
Inventories
X
Other current assets
Total current assets
Current liabilities:
Accounts payable
Other current liabilities
Total current liabilities
X
Abercrombie
& Fitch
The Gap
$723,135 $1,364,000
73,112
290,000
437,879
2,156,000
101,824
706,000
$1,335,950
$4,516,000
$226,878
332,039
$558,917
$1,174,000
2,035,000
$3,209,000
a. What are the current account, financial account and balance sheet accounts? How are they useful in the system of national accounting? What are some items recorded under each account?
b. Using the transactions below, make the necessary entries into Austria’s System of National Account mentioned in 3a:
1. Austria pays US $5500 to a telecommunication company in Trinidad and Tobago.
2. Austria purchase US$2000 in goods and services from the USA.
Here are incomplete financial statements (in rupees) for Levis, Inc. Please tell me the solution.
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