LarsonFFS08 - Required Answer the ollowing questions. 1....

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Focus on Financial Statements Online FFS 8-2 FFS 8-3 Chapter 8 Chapter 8 discusses the Accounts Payable Subledger, Accounts Receivable Subledger, and Inventory Subledger. It also briefy introduces other subledgers such as the Capital Asset Subledger. Required Review the Fnancial statements o± Leon’s in Appendix I at the end o± the textbook. Which subledgers might Leon’s be using and why? Be sure to briefy explain what kind o± in±or- mation these subledgers might include that would be use±ul to decision makers. With its corporate head o±Fce in Montreal, Gildan Activewear Inc. is a manu±acturer o± blank premium quality basic activewear, such as T-shirts, sport shirts and sweatshirts that are decorated by Gildan’s customers ±or sale to consumers. On its October 5, 2003, bal- ance sheet, Gildan reports inventories o± $138,611,100 representing 24% o± total assets.
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Unformatted text preview: Required Answer the ollowing questions. 1. Review Gildans Fnancial statements and determine how the 24% reerred to above was calculated. 2. Assuming Gildan Activewear Inc. maintains an inventory subledger, identiy at least three types o inormation that an internal decision maker should be able to get rom the inventory subledger. 3. Gildan Activewear shows Fixed Assets o $241,523,893 on its October 5, 2003, balance sheet. Explain what Fixed Assets are (be sure to include in your explanation another name that is commonly used instead o Fixed Assets ). 4. Assuming Gildan Activewear Inc. maintains a Fxed asset subledger, identiy at least three types o inormation that an internal decision maker should be able to get rom the Fxed asset subledger....
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