Inferring Transactions from Financial Statements Abercrombie & Fitch Co. (ANF) is a specialty retailer of...
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Inferring Transactions from Financial Statements Abercrombie & Fitch Co. (ANF) is a specialty retailer of casual apparel. The following information is taken from ANFs fiscal 10-K report for the fiscal year 2013, which ended February 1, 2014. (All amounts in $ thousands.)
Selected Balance Sheet Data
February 1, 2014
February 2, 2013
Inventory
$530,192
$426,962
Accrued compensation
49,878
74,747
a. ANF reported Cost of Goods Sold of $1,541,462 (thousand) for its fiscal year 2013. What was the cost that ANF incurred to acquire inventory for its fiscal year 2013? $Answer (thousand)
b. Assume that ANF reported Compensation Expense of $650,000 (thousand) for its fiscal year 2013. What amount of compensation was paid to its employees for fiscal year 2013? $Answer (thousand)
c. Where would you expect ANF to report its balance of Accrued Compensation? Reported as a Answercurrent liabilitycurrent asset on the balance sheet.
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