Question

Wilson's Shoe Warehouse, Incorporated, previously called DSW, sells luxurious and fashionable shoes. Its balance sheet, at August 3, 2019 (the first Saturday of the month), contained the following items and approximate amounts (in millions). Amounts owed to suppliers $ 672 Wilson's Shoe Warehouse's right to collect on account 96 Currency and bank account balances 86 Common stock issued to stockholders 482 Warehouses, stores, and offices 1,755 Merchandise held for sale 744 Amounts owed for promissory notes 1,235 Accumulated profits of the company 292 Required: Give the account name commonly used for each item listed. Prepare the balance sheet as of August 3, 2019, providing appropriate totals and subtotals. As of August 3, did most of the financing for assets come from creditors or stockholders

Answer 1

This answer determines the commonly used names for items on a balance sheet, creates a sample balance sheet with these items, and determines whether the financing for the company's assets primarily came from creditors or stockholders. The evaluation suggests that the financing primarily came from creditors.

Step-by-step explanation:

The items on the balance sheet of Wilson's Shoe Warehouse, Inc. are commonly known as: