Abercrombie & Fitch

Financial Statements

Income Statement:

1. Is the format most similar to a single-step or multi-step format?
2. Determine gross profit, income from operations, and net income for the past two years and comment on the trend.

Balance sheet:

1. Show that Assets = Liabilities + Stockholders’ Equity for the past two years.

Statement of Cash Flows:

1. Are cash flows from operations more or less than net income for each of the past two years?
2. What is the company?s main investing activity? (Cash Outflows)
3. What is the company’s most important source of financing? (Cash Inflows)
4. Overall, has cash increased or decreased over the past two years?

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