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Final-2002-Financials

Final-2002-Financials - ACCOUNTING 101 FINAL EXAM II FALL...

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ACCOUNTING 101 FINAL EXAM II - FALL 2002 FINANCIAL INFORMATION WHOLE FOODS CORPORATION FISCAL YEAR 2001 AND PRESENT VALUE TABLES
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1 Whole Foods Whole Foods Market, Inc. owns and operates the country's largest chain of natural and organic foods supermarkets. Whole Foods Market, Inc. Consolidated Balance Sheets (in thousands) September 30, 2001 and September 24, 2000 Assets 2001 2000 ------------------------------------------------------------------------------------------------------------------- Current assets: Cash and cash equivalents $ 1,843 395 Trade accounts receivable 24,039 21,836 Merchandise inventories 98,616 93,858 Prepaid expenses and other current assets 11,693 8,883 Deferred income taxes 8,549 5,740 ------------------------------------------------------------------------------------------------------------------- Total current assets 144,740 130,712 Property and equipment, net of accumulated depreciation and amortization 542,986 468,678 Long-term investments 4,706 9,632 Acquired leasehold rights, net of accumulated amortization 15,648 13,753 Excess of cost over net assets acquired, net of accumulated amortization 67,258 69,867 Deferred income taxes 20,287 22,934 Other assets, net of accumulated amortization 15,171 15,703 Net assets of discontinued operations 18,375 29,120 ------------------------------------------------------------------------------------------------------------------- Total Assets $ 829,171 760,399 -------------------------------------------------------------------------------------------------------------------
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2 Liabilities and Shareholders' Equity 2001 2000 ------------------------------------------------------------------------------------------------------------------- Current liabilities: Current portion of long-term debt and capital lease obligations $ 5,944 7,884 Trade accounts payable 50,468 49,985 Accrued payroll, bonuses and team member benefits 41,265 37,534 Other accrued expenses 58,659 47,238 ------------------------------------------------------------------------------------------------------------------- Total current liabilities 156,336 142,641 Long-term debt and capital lease obligations, less current portion 250,705 298,070 Deferred rent liabilities 11,653 10,801 Other long-term liabilities 1,120 1,730 ------------------------------------------------------------------------------------------------------------------- Total liabilities 419,814 453,242 ------------------------------------------------------------------------------------------------------------------- Shareholders' equity: Common stock, no par value, 100,000 shares authorized, 55,113 and 54,445 shares issued, 54,770 and 52,932 shares outstanding in 2001 and 2000, respectively 251,679 235,648 Common stock in treasury, at cost (5,369) (23,688) Accumulated other comprehensive income (30) - Retained earnings 163,077 95,197 ------------------------------------------------------------------------------------------------------------------- Total shareholders' equity 409,357 307,157 ------------------------------------------------------------------------------------------------------------------- Total liabilities and shareholder’s equity $ 829,171 760,399 -------------------------------------------------------------------------------------------------------------------
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3 Whole Foods Market, Inc. Consolidated Statements of Operations (in thousands, except per share amounts) Fiscal years ended September 30, 2001, September 24, 2000 and September 26, 1999 2001 2000 1999 ------------------------------------------------------------------------------------------------------------------- Sales $ 2,272,231 1,838,630 1,492,519 Cost of goods sold and occupancy costs 1,482,477 1,205,096 985,000 ------------------------------------------------------------------------------------------------------------------- Gross profit 789,754 633,534 507,519 Selling, general and administrative expenses 652,974 516,418 420,094 Pre-opening and relocation costs 8,539 10,497 5,914 Amortization expense 7,098 5,926 3,507 Store closure and asset disposal costs 9,425 - 5,940 ------------------------------------------------------------------------------------------------------------------- Operating income 111,718 100,693 72,064 Other income (expense): Interest expense (17,891) (15,093) (8,248) Investment and other income (loss) 1,628 (8,015) 1,800 ------------------------------------------------------------------------------------------------------------------- Income from continuing operations before income taxes and equity in losses of unconsolidated affiliates 95,455 77,585 65,616 Provision for income taxes 38,182 34,584 25,590 Equity in losses of unconsolidated affiliates 5,626 14,074 - ------------------------------------------------------------------------------------------------------------------- Income from continuing operations before cumulative effect of change in accounting principle 51,647 28,927 40,026 Discontinued operations: Income (loss) from discontinued operations, net of income taxes - (9,415) 2,129 Gain (loss) on disposal, net of income taxes 16,233 (23,968) - ------------------------------------------------------------------------------------------------------------------- Income (loss) before cumulative effect of change in accounting principle 67,880 (4,456) 42,155 Cumulative effect of change in accounting principle, net of income taxes - (375) - ------------------------------------------------------------------------------------------------------------------- Net income (loss) $ 67,880 (4,831) 42,155 -------------------------------------------------------------------------------------------------------------------
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4 Whole Foods Market, Inc.
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