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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Step One: Identify the Issues or Problems Issue One: Determine whether L & L should combine service and product revenue, or if it is necessary to disclose separate revenue for both segments, as well as determine if the costs associated with each segment should be separated or combined. Issue Two: Determine if depreciation should be included in the cost of sales or overhead. Issue Three: Determine whether a Gain of Sale of Corporate headquarters is recorded as on ordinary gain, unusual gain
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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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Irvine Welsh Trainspotting IRVINE WELSH works, rests and raves in Edinburgh. He has had a variety of occupations too numerous and too tedious to recount. Trainspotting was his first novel and he has also published a collection of short stories, a novella entitled The Acid House and a second novel, Marabou Stork Nightmares. IRVINE WELSH TRAINSPOTTING Minerva Thanks to the following: Lesley Bryce, David Crystal, Margaret Fulton–Cook, janice Galloway, Dave Harrold, Duncan McLean, Kenny McMillan
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