Please help me solve the bottom portion, I have gotten a few wrong. Formulating

ID: 2328229 • Letter: P

Question

Please help me solve the bottom portion, I have gotten a few wrong. Formulating Financial Statements from Raw Data Following is selected financial information from Abercrombie &Fitch for its fiscal year en ded Februar Cash Asset $1,652 788.2 6,938 3,582 2,514 (286) 2,300 Other Expenses, including income taxes 4124 4,230 (186) 300 Effect of exchange rate changes on cash (4.2) 1,340 Cash flows from operations Sales Stockholders' Equity Cost of Goods Sold Cash flows from financing Total Liabilities Noncash Assets Cash flows from investing Net Income Cash, beginning year Required a. Prepare an income statement, balance sheet, and statement of cash flows for Abercrombie & Fitch. Use negative signs with your answers for the statement of cash flows, when appropriate ABERCROMBIE&FITCH INCOME STATEMENT For Year Ended February 1, 2014 (S millions) Sales 6,938 ROVO

Explanation / Answer

ABERCROMBIE & FITCH

Statement of cash flows

for year ended January 1st 2014

($ in Millions)

Net Cash from Operations

$ 788.20

Net cash from Investing Activities

$ (186.00)

Net cash from Financing Activities

$ (286.00)

Effect of Exchange rate changes in cash

$ (4.20)

Net changes in cash

$ 312.00

Cash, Beginning Year

$ 1,340.00

Cash, Ending year

$ 1,652.00

Amounts in Bracket represent negative cash flows or cash outflows.

Beginning years cash is added to Net changes in cash to get ending cash balance.

Cash balance as per Cash flow statement is now matching with the cash balance in the balance sheet.

Mistakes that were found are

Net cash flow from investing and financing should be in negative numbers and rounded to millions.

Effect of Exchange rate difference should be written in Negative numbers.