Question
In: Finance
Required information [The following information applies to the questions displayed below.] The financial statements for Limited...
Required information
[The following information applies to the questions displayed below.]
The financial statements for Limited Brands, Inc. follow (fiscal years ending January):
| Limited Brands, Inc. | ||||||||
| Balance Sheets ($ Millions) | ||||||||
| 2007 | 2006 | 2005 | ||||||
| Total Assets | 7,093.000 | 6,346.000 | 6,089.000 | |||||
| Liabilities | ||||||||
| Long-Term Debt Due In One Year | 8.000 | 7.000 | 0.000 | |||||
| Payables and Accrued Expenses | 1,701.000 | 1,568.000 | 1,451.000 | |||||
| Total Current Liabilities | 1,709.000 | 1,575.000 | 1,451.000 | |||||
| Long-Term Debt | 1,665.000 | 1,669.000 | 1,646.000 | |||||
| Deferred Taxes | 173.000 | 146.000 | 177.000 | |||||
| Minority Interest | 71.000 | 33.000 | 33.000 | |||||
| Other Liabilities | 520.000 | 452.000 | 447.000 | |||||
| Total Liabilities | 4,138.000 | 3,875.000 | 3,754.000 | |||||
| Total Equity | 2,955.000 | 2,471.000 | 2,335.000 | |||||
| Total Liabilities & Equity | 7,093.000 | 6,346.000 | 6,089.000 | |||||
| Common Shares Outstanding | 398.000 | 395.000 | 407.000 | |||||
| Income Statements ($ MILLIONS) | |||||||
| 2007 | 2006 | ||||||
| Sales | 10,671.000 | 9,669.000 | |||||
| Cost of Goods Sold | 6,342.000 | 5,920.000 | |||||
| Gross Profit | 4,329.000 | 3,749.000 | |||||
| Selling, General, & Administrative Exp. | 2,837.000 | 2,502.500 | |||||
| Operating Income Before Deprec. | 1,492.000 | 1,246.500 | |||||
| Depreciation, Depletion, & Amortization | 316.000 | 299.000 | |||||
| Operating Profit | 1,176.000 | 947.500 | |||||
| Interest Expense | 102.000 | 94.000 | |||||
| Non-Operating Income/Expense | 23.000 | 25.000 | |||||
| Special Items | 0.000 | 78.500 | |||||
| Pretax Income | 1,097.000 | 957.000 | |||||
| Total Income Taxes | 422.000 | 291.000 | |||||
| Adjusted Available for Common | 675.000 | 666.000 | |||||
| Extraordinary Items | 1.000 | 17.000 | |||||
| Adjusted Net Income | 676.000 | 683.000 | |||||
| Dividends per share | $ | 0.60 | $ | 0.61 | |||
Please refer to Limited Brands, Inc.’s financial statements above. Prepare common-size financial statements for Limited Brands, Inc. for 2006–2007.
Solutions
Expert Solution
* common size in balance sheet = item amount / total assets
common size in Income statement = item amount / sales
*Please comment if you face any difficulty and please don't forget to thumbs up
jeff jeffy answered 1 year agoRelated Solutions
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The following financial statements and additional information
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Comparative Balance Sheets
June 30, 2017 and 2016
2017
2016
Assets
Cash
$
93,700
$
67,000
Accounts receivable, net
99,500
74,000
Inventory
86,800
121,000
Prepaid expenses
6,700
10,000
Total current assets
286,700
272,000
Equipment
147,000
138,000
Accum.
depreciation—Equipment
(38,500
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(20,500
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Total assets
$
395,200
$
389,500
Liabilities and Equity
Accounts payable
$
48,000
$
64,500
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The following financial statements and additional information
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IKIBAN INC.
Comparative Balance Sheets
June 30, 2017 and 2016
2017
2016
Assets
Cash
$
105,100
$
48,000
Accounts receivable, net
71,000
55,000
Inventory
67,800
92,500
Prepaid expenses
4,800
6,200
Total current assets
248,700
201,700
Equipment
128,000
119,000
Accum.
depreciation—Equipment
(29,000
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Total assets
$
347,700
$
309,700
Liabilities and Equity
Accounts payable
$
29,000
$
36,000
Wages...
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displayed below.]
The following financial statements and additional information
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IKIBAN INC.
Comparative Balance Sheets
June 30, 2017 and 2016
2017
2016
Assets
Cash
$
105,100
$
48,000
Accounts receivable, net
71,000
55,000
Inventory
67,800
92,500
Prepaid expenses
4,800
6,200
Total current assets
248,700
201,700
Equipment
128,000
119,000
Accum.
depreciation—Equipment
(29,000
)
(11,000
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Total assets
$
347,700
$
309,700
Liabilities and Equity
Accounts payable
$
29,000
$
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The following financial statements and additional information
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IKIBAN INC.
Comparative Balance Sheets
June 30, 2017 and 2016
2017
2016
Assets
Cash
$
96,100
$
63,000
Accounts receivable, net
93,500
70,000
Inventory
82,800
115,000
Prepaid expenses
6,300
9,200
Total current assets
278,700
257,200
Equipment
143,000
134,000
Accum.
depreciation—Equipment
(36,500
)
(18,500
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Total assets
$
385,200
$
372,700
Liabilities and Equity
Accounts payable
$
44,000
$
58,500
Wages...
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The following financial statements and additional information
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Comparative Balance Sheets
June 30, 2017 and 2016
2017
2016
Assets
Cash
$
87,500
$
44,000
Accounts
receivable, net
65,000
51,000
Inventory
63,800
86,500
Prepaid
expenses
4,400
5,400
Total current
assets
220,700
186,900
Equipment
124,000
115,000
Accum.
depreciation—Equipment
(27,000
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(9,000
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Total
assets
$
317,700
$
292,900
Liabilities and
Equity
Accounts
payable
$
25,000
$
30,000
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additional information are reported. IKIBAN INC. Comparative
Balance Sheets June 30, 2019 and 2018 2019 2018 Assets Cash $
96,700 $ 62,000 Accounts receivable, net 92,000 69,000 Inventory
81,800 113,500 Prepaid expenses 6,200 9,000 Total current assets
276,700 253,500 Equipment 142,000 133,000 Accum.
depreciation—Equipment (36,000 ) (18,000 ) Total assets $ 382,700 $
368,500 Liabilities and Equity Accounts payable $ 43,000 $ 57,000
Wages...
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questions displayed below.] The following financial statements and
additional information are reported. IKIBAN INC. Comparative
Balance Sheets June 30, 2017 and 2016 2017 2016 Assets Cash $
92,500 $ 69,000 Accounts receivable, net 102,500 76,000 Inventory
88,800 124,000 Prepaid expenses 6,900 10,400 Total current assets
290,700 279,400 Equipment 149,000 140,000 Accum.
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For the Year Ended December 31, 2021
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Revenues and gains:
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$
790
Gain on sale of building
10
$
800
Expenses and loss:
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$
295
Salaries
119
Insurance
39
Depreciation
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Interest expense
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The comparative financial statements for Prince Company are
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Year 2
Year 1
Income statement:
Sales revenue
$
212,000
$
172,500
Cost of goods sold
117,500
102,200
Gross profit
94,500
70,300
Operating expenses and interest expense
58,200
54,100
Pretax income
36,300
16,200
Income tax
10,200
5,100
Net income
$
26,100
$
11,100
Balance sheet:
Cash
$
6,200
$
8,100
Accounts receivable (net)
15,100
19,100
Inventory
42,200
38,400
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Comparative financial statements for Weaver Company follow:
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Comparative Balance Sheet
at December 31
This Year
Last Year
Assets
Cash
$
3
$
12
Accounts receivable
307
231
Inventory
157
196
Prepaid expenses
9
6
Total current assets
476
445
Property, plant, and equipment
504
425
Less accumulated depreciation
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(72
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Net property, plant, and equipment
419
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Long-term investments
29
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Total assets
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924...
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