Question : 172.Using the following information from an annual report, prepare a : 1244264

Accounting

172.Using the following information from an annual report, prepare a horizontal analysis of the consolidated statements of earnings. (Round percentage answers to one decimal place.)

(In millions except per share data)

June 30, 20×8

June 30, 20×7

Net sales

$11,862

$11,170

Cost of sales

8,321

8,191

Gross margin

$ 3,541

$ 2,979

Operating expenses:

Selling, general, and administrative expenses

$ 2,743

$ 2,443

Depreciation, amortization, and asset write-offs

278

255

Total operating expenses

$ 3,021

$ 2,698

Other charges

294

Total operating expenses and other charges

$ 3,021

$ 2,992

Income (loss) from operations

$ 520

($ 13)

Interest expense

(91)

(102)

Interest and other income

Earnings (loss) before income taxes

$ 440

($ 106)

Income taxes

161

Net earnings (loss)

$ 279

($ 132)

Basic earnings (loss) per share

$ 1.14

($ 0.50)

Increase (Decrease)

(In millions except per share data)

June 30, 20×8

June 30, 20×7

Amount

Percentage

Net sales

Cost of sales

Gross margin

Operating expenses:

Selling, general, and administrative expenses

Depreciation, amortization, and asset write-offs

Total operating expenses

Other charges

Total operating expenses and other charges

Income (loss) from operations

Interest expense

Interest and other income

Earnings (loss) before income taxes

Income taxes

Net earnings (loss)

Basic earnings (loss) per share

173.Using the following information reported in an annual report, prepare a horizontal analysis of the consolidated balance sheets. (Round percentage answers to one decimal place.)

(In millions)

June 30, 20×8

June 30, 20×7

Cash and cash equivalents

$ 584

$ 410

Accounts and other receivables

182

204

Merchandise inventories

2,027

1,902

Prepaid expenses and other current assets

Total current assets

$2,873

$2,597

Real estate, net

$2,342

$2,354

Other, net

2,113

1,872

Total property and equipment

$4,455

$4,226

Goodwill, net

$ 374

$ 347

Other assets

651

729

Total assets

$8,353

$7,899

Short-term borrowings

$ 278

$ 156

Accounts payable

1,617

1,415

Accrued expenses and other current liabilities

836

696

Income taxes payable

107

224

Total current liabilities

$2,838

$2,491

Long-term debt

$1,230

$1,222

Deferred income taxes

362

333

Other liabilities

243

229

Total liabilities

$4,673

$4,275

Common stock

$ 30

Additional paid-in capital

453

459

Retained earnings

4,757

4,478

Foreign currency translation adjustments

(137)

(100)

Treasury shares, at cost

(1,423)

(1,243)

Total stockholders’ equity

$3,680

$3,624

Total liabilities and stockholders’ equity

$8,353

$7,899

(In millions)

June 30,

20×8

June 30,

20×7

Increase Amount

(Decrease) Percentage

Cash and cash equivalents

Accounts and other receivables

Merchandise inventories

Prepaid expenses and other current assets

Total current assets

Real estate, net

Other, net

Total property and equipment

Goodwill, net

Other assets

Total assets

Short-term borrowings

Accounts payable

Accrued expenses and other current liabilities

Income taxes payable

Total current liabilities

Long-term debt

Deferred income taxes

Other liabilities

Total liabilities

Common stock

Additional paid-in capital

Retained earnings

Foreign currency translation adjustments

Treasury shares, at cost

Total stockholders’ equity

Total liabilities and stockholders’ equity

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July 1, 2023

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