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tutorial_5 - P5-5 TOMMY HILFIGER CORPORATION Consolidated...

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P5-5. TOMMY HILFIGER CORPORATION Consolidated Statement of Income For Year Ended March 31, Current Year In Thousands Except Per Share Amounts Net revenue $1,875,797 Cost of goods sold 1,012,156 Gross profit 863,641 Depreciation and amortization 76,307 Other selling, general and administrative expenses 583,502 Total operating expenses 659,809 Operating income 203,832 Interest expense 31,756 Interest income 3,577 Income before income taxes 175,653 Provision for income taxes 37,445 Net income $138,208 Earnings per share: Basic earnings per share $1.52 Weighted average shares outstanding 90,692 P5-7. Req. 1. Transaction Gross Profit Operating Income (Loss) Return on Equity a. + + + b. NE c. NE NE d. NE NE + The effects of the transactions can be seen by making the related journal entries and using CA, CL, SE, R, and E to denote current asset, current liability, shareholders’ equity, revenue, and expense, respectively.
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a.* Accounts receivable (+CA) ............................................................ 500 Sales revenue (+R) ................................................................... 500 Cost of goods sold (+E) ................................................................. 475 Inventory (–CA) ......................................................................... 475 *Note that net income goes up by $25 as does ending stockholders’ equity. As a
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