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Inferring Transactions from Financial Statements Abercrombie & Fitch Co. (ANF) is a specialty retailer of...

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Accounting

Inferring Transactions from Financial Statements Abercrombie & Fitch Co. (ANF) is a specialty retailer of casual apparel. The following information is taken from ANFs fiscal 10-K report for the fiscal year 2013, which ended February 1, 2014. (All amounts in $ thousands.)

Selected Balance Sheet Data February 1, 2014 February 2, 2013
Inventory $530,192 $426,962
Accrued compensation 49,878 74,747

a. ANF reported Cost of Goods Sold of $1,541,462 (thousand) for its fiscal year 2013. What was the cost that ANF incurred to acquire inventory for its fiscal year 2013? $Answer (thousand)

b. Assume that ANF reported Compensation Expense of $650,000 (thousand) for its fiscal year 2013. What amount of compensation was paid to its employees for fiscal year 2013? $Answer (thousand)

c. Where would you expect ANF to report its balance of Accrued Compensation? Reported as a Answercurrent liabilitycurrent asset on the balance sheet.

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