尉卧经修贺昌大号 国际财务管理 综合案例 295-047 Tiffany Co.-1993 Exhibit 2 Consolidated Balance Sheets ($000) Years ended January 31, Juy31,1993 1993 1992 Assets Current Assets Cash and short-term investments $6,665 $6,672 $3.972 Accounts receivable,less allowances of$4,170and$7,293 51,432 51,378 51,687 Income tax receivable 10.630 Inventories 247,891 224,151 213,435 Prepaid expenses 14.058 10107 12777 Total current assets 330.676 293,408 281,871 Property and equipment,net 96,320 94,454 88,975 Deferred income taxes 21,205 5,723 5,047 Other assets,net 26.204 25,770 18,989 Total assets 474,405 418,255 394,882 Liabilities and Stockholders'Equity Current Liabilities Short-term borrowings 24,235 22,458 43,566 Accounts payable and accrued liabilities 98,497 61919 66,781 Income taxes payable 0 2,679 7371 Merchandise and other customer credits 6.029 5.318 4.687 Total current liabilities 128.761 92,374 122,405 Long-term trade payable 26,472 Reserve for product retum 31,768 Long-term debt 101,500 101,500 50,000 Deferred income taxes 0 3,858 7.957 Postretirement benefit obligation 14,510 13,560 11,960 Other long-term liabilities 1,921 2,157 2,521 Shareholders'equity Common stock,$.01 par value;authorized 30,000 shares,issued 15,660 and 15,620 157 156 159 Additional paid-in capital 69,969 69,553 67927 Retained earnings 107.002 140,705 129,364 Foreign currency translation adjustmentsa 亿.655 (5608) 2,680 Total stockholders'equity 169,473 204,806 200,039 Total liabilities and shareholders'equity s474,405 S418,255 $394,882 aThe accounting for foreign exchange translation gains and losses is govemed by the Statement of Financial Accounting Standards #52 (FASB #52).Under this accounting method,all foreign assets and liabllities are translated at the exchange rate prevailing on the balance sheet date.Equity accounts are translated at historical rates.Income statement items are translated either at the prevailing rate on the date that a sale or purchase occumred,or a weighted average of exchange rates for the appropriate period.An important provision in FASB #52 is that translation gains and losses are not flowed through the income statement.Instead,they are booked directly to a separate equity account such as"Foreign Currency Translation Adjustments"or "Cumulative Translation Adjustment."Only Hf and when an asset is sold or liquidated does the realized translation gain or loss move from the translation adjustment account to flow through the income statement. -6国际财务管理 综合案例 - 6 -