Date: To: Audit Supervisor of Lads and Lassies From: Jian Liu Subject: Lads and Lassies (L&L)’s Income Statement Background: Lads and Lassies (L&L) has the following information for the income statement presentation: (1) net sales of $74.5 million in fiscal 2005 and $86.5 million in fiscal 2006. (2) Gross profit increased from $28 million in fiscal 2005 to $30.4 million in fiscal 2006. (3) Cost of sales increased from $46.5 million in fiscal 2005 to $56.1 million in fiscal 2006
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from: subject: change in income statement presentation date: cc: Classification changes in the 2006 income statement of our client Lads and Lassies, Inc. I have researched the FASB Accounting Standards Codification for clarification for the reporting and presentation of the various income statement items you requested. There will need to be some changes to the income statement format. I will address each of the items separately. Net sales When Lads and lassies introduced Sassy Spa last
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states if income is derived from more than one of the subcaptions described under § 210.5–03.1, each class which is not more than 10 percent of the sum of the items may be combined with another class. If these items are combined, related costs and expenses as described under § 210.5–03.2 shall be combined in the same manner. State separately: (a) Net sales of tangible products (gross sales less discounts, returns and allowances), (b) operating revenues of public utilities or others; (c) income from rentals;
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L&L Classified Information Lads and Lassies (L&L), an SEC registrant, has its year end on the Saturday closest to January 31. Fiscal 2012, 2011, and 2010, which include 52 weeks each, ended on January 28, 2012, January 29, 2011, and January 30, 2010, respectively. L&L manufactures and sells exclusive children’s clothing to the most discerning clientele. Its products offer high quality and modern style, including everything from a colorful collection of cashmere sweaters to perfect
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Company Info Lads and Lassies (L&L), an Security Exchange Commission (SEC) registrant, manufactures and sells exclusive children’s clothing to the most discerning clientele. Its products offer high quality and modern style, including everything from a colorful collection of cashmere sweaters to perfect vintage washed tees. The products are sold through its boutiques, each of which resembles a New England seaside cottage. The boutiques also include Sassy Spa, which was introduced in the third
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