This case is based on the financial statements of Pier 1 Imports, Inc. given in Appendix B at the end of this book.
1. What indicates that Pier 1 Imports owns foreign subsidiaries? Identify the item that proves your point and the financial statement on which the item appears. (p. 769)
2. Which currency, the U.S. dollar, or Pier 1’s foreign currencies, was stronger in each fiscal year 2004, 2005, and 2006? Give the evidence to support each answer. Ignore the minimum pension liability adjustment. (p.769)
3. At February 25, 2006, did Pier 1 Imports have a cumulative net gain or a cumulative net loss from translating its foreign subsidiaries’ financial statements into dollars? How can you tell? Ignore the beginning balance of Cumulative Other Comprehensive Income at March 1, 2003. (p. 769, Challenge)
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