Question

1. The following is selected financial information from Tilly’s, Inc. Prepare the Income Statement, Balance Sheet and Cash Flow for February 2014 and 2013 using the below info.

Tillys info
($thousands)	Feb 1 2014	Feb 2 2013
Cash and cash equlvalents	25412	17315
Cash flow from operations	43794	41730
Cost of goods sold	343542	317096
Total liabilities	91484	88085
Total assets	232407	205381
Cash flow from financing	1834	22819
Sales revenue	495837	467291
Cash flow from investing	(37530)	(72326)
Other expenses, including income taxes	134158	126302

Answer 1

Q1) The statement of total income and total expenses in order to reach a net income is the income statement.

In the book of T. Inc

Income statement

For the period ended, February 2014 and 2013

Heads	Feb 2014	Feb 2013
Total revenues	495837	467291
Cost of goods sold	(343542)	(317096)
Gross profit	152,295	150,195
Other expenses	(134158)	(126302)
Net income	18,137	23,893

  

Q2) Balance sheet is a statement of all assets, liabilities and capital of the firm.

In the book of T. Inc

Balance sheet

As at February 2014 and 2013

Assets	2014	2013	Liabilities & Capital	2014	2013
Current assets:			Total liabilities	91484	88085
Cash & equivalent	25412	17315	Capital (including net income) (Note 2)	140923	117296
Other assets (Note 1)	206995	188066
Total assets	232,407	205,381	Total liability & Cap	232,407	205,381

Note 1: Other assets = Total assets – Cash & equivalent

Note 2: Capital = Total assets – Total liabilities

Q3) Cash flow statement shows incoming and outgoing of cash for a certain period.

In the book of T. Inc

Cash flow statement

For the period 2014 and 2013

Heads	2014	2013
Cash from operation	43794	41730
Cash from financing	1834	22819
Cash from investing	(37530)	(72326)
Cash increase or (decrease)	8,098	(7,777)
Add: Beginning cash & equivalent	17,315	25,092
Ending cash & equivalent	25,413	17,315

Note: Ending cash of 2013 should be added to cash decrease to get the beginning cash.