ACC 610-How do you compute NOA for 2010

ACC 610-How do you compute NOA for 2010

Subject: Business    / Accounting
Question
How do you compute NOA for 2010? 2010 2009 2008
Sales    $ 8,258    $ 8,272    $ 8,828
Credit card revenues    369    301    252
Total revenues    8,627    8,573    9,080
Cost of sales and related buying and occupancy costs    (5,328)    (5,417)    (5,526)
Selling, general and administrative expenses
Retail    (2,109)    (2,103)    (2,130)
Credit    (356)    (274)    (177)
Earnings before interest and income taxes    834    779    1,247
Net interest expense    (138)    (131)    (74)
Earnings before income taxes    696    648    1,173
Income tax expense    (255)    (247)    (458)
Net earnings    $ 441    $ 401    $ 715

Assets
Current Assets
Cash and cash equivalents    $ 795    $ 72
Accounts receivable, net    2,035    1,942
Merchandise inventories    898    900
Current deferred tax assets, net    238    210
Prepaid expenses and other    88    93
Total current assets    4,054    3,217
Land, buildings and equipment, net    2,242    2,221
Goodwill    53    53
Other assets    230    170
Total assets    $ 6,579    $ 5,661
Liabilities and Shareholders’ Equity
Current liabilities
Accounts payable    $ 726    $ 563
Accrued salaries, wages and related benefits    336    214
Other current liabilities    596    525
Current portion of long-term debt    356    299
Total current liabilities    2,014    1,601
Long-term debt, net    2,257    2,214
Deferred property incentives, net    469    435
Other liabilities    267    201
Shareholders’ equity
Common stock, no par value    1,066    997
Retained earnings    525    223
Accumulated other comprehensive income (loss)    (19)    (10)
Total shareholders’ equity    1,572    1,210
Total liabilities and shareholders’ equity    $ 6,579    $ 5,661