Problem
Consider the excerpts from the Costco Wholesale Corporation (i.e., Costco) annual report for fiscal year 2021 below and answer the following questions. Note that fiscal year 2021 ends on August 29, 2021.
A. Assume the Company measures bad debt expenses as 2% of beginning gross receivables. Calculate the amount of bad debts written off in fiscal year 2021.
B. What is the par value of each common share?
C. What is the number of issued and outstanding shares at the end of fiscal year 2021? Does the company own any treasury stock at the end of fiscal year 2021?