Abercrombie & Fitch Financial Statements-Essay

Income Statement:

1. Is the format most similar to a single-step or multi-step format?
2. Determine gross profit, income from operations, and net income for the past two years and comment on the trend.

Balance sheet:

1. Show that Assets = Liabilities + Stockholders’ Equity for the past two years.

Statement of Cash Flows:

1. Are cash flows from operations more or less than net income for each of the past two years?
2. What is the company?s main investing activity? (Cash Outflows)
3. What is the company’s most important source of financing? (Cash Inflows)
4. Overall, has cash increased or decreased over the past two years?

D. Accounting Policies

1. The first footnote in the annual report should state significant accounting policies. What are the significant accounting policies, if any, relating to revenue recognition, cash, merchandise inventories, and property and equipment depreciation?
2. List several of the topics of the other footnotes to the financial statements.
3. Would any of the information in the footnotes change your opinion of the company?

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