Prepare circuit citys retained earnings statement for the


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.

Solution Preview :

Prepared by a verified Expert
Cost Accounting: Prepare circuit citys retained earnings statement for the
Reference No:- TGS0803275

Now Priced at $20 (50% Discount)

Recommended (93%)

Rated (4.5/5)