What Are Pet Smart's Current Assets

All of the items included under Pet Smart’s current assets are indeed listed in the proper order. The order of current assets is as follows; Cash, Trading Assets, Cash Equivalents. Short-Term Investments, Accounts Receivable, Loan Receivable, Inventory, Deferred Taxes, Pre-Paid Taxes, and other current assets according to Www.fool.com, (2000), Phil Weiss. It is very important to know and realize what your current assets look like. What happens if you do not make enough for that month, how would you pay for your expenses? You would use your cash on hand to take care of this problem. That is why it is always important and wise to save your money because you never know when you just may need it. The current assets on Pet Smart’s balance sheet
are as follows; Cash, Petty Cash, Temporary Investments, Accounts Receivable, Inventory, Supplies, Pre-Paid Insurance, Land, Land Improvements, Buildings, Equipment, Goodwill, and Bond Issue Cost.
According to Www.accountingcoach.com, “to be classified as a current asset, the amounts must be cash or be expected to turn into cash, be used up, or expire within one year of the balance sheet date.” Cash equivalents are probably more on the side of a liquid when it comes to assets on the balance sheet.
According to Www.wikipedia.com, “cash equivalents are assets that are readily convertible into cash.” For example, CD’s or Money Market accounts are the prime example of accounts that are readily convertible into cash. In other words, there is no reserve or hold on them. However, you could incur a fee from the financial institution for taking the money out before its maturity
date.
Pet Smart’s total current liabilities at the end of its most recent annual reporting period were a total of $754,892.00 on February.3, 2013. Pet Smart’s total current liabilities at the end of the previous annual reporting period were a total of $681,306.00. Considering all of the information that I have gathered thus far, this could be considered pertinent information for potential investors as well as, creditors and employees.

If I were a potential investor, I would definitely not want to invest my money into a dump or something that does not have any potential profits at hand because there would be no profit to make. You have to be careful when becoming an investor or getting into a partnership with anyone, because they can only turn on you in a second. The potential investor would need to know the assets of the current and prior periods. They would also need to know the amounts of the cash equivalents and cash totals. He or she would also benefit from knowing the companies, net revenues, or net sales. Even though numbers change frequently, they would still need to know what the dollar amount difference is between the most current and prior annual reporting time. Knowing the total current assets of a company can tell you that the business or organization does without even stepping foot in the building. You will also want to look at their financial statements. The financial statements will tell an investor what they need to know in order to make the decision to invest in that set business or not. Pet smart is a multibillion dollar business, so if you are just starting to invest; you can only start out small. You do not have to impress anyone, remember it is your money. People often take on bigger things than they can handle at once, so they end up going under because of a mistake; usually. When you are an investor, you have to invest the smart and simple way. Investing takes a toll on your mind, simply because you have put all of your life savings on the line. So you could hit it big and make profits or totally bomb, and loose everything that you have ever worked for. With that being said, be smart in the investing process. You do not have to give the business every asset you own, because if it fails you still have some money.

PetSmart, Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, except par value)
February 3,
2013
January 29,
2012
ASSETS
Cash and cash equivalents .......................................................................................................... $ 335,155 $ 342,892
Short-term investments............................................................................................................... 9,150 20,311
Restricted cash............................................................................................................................ 71,916 70,189
Receivables, net .......................................................................................................................... 72,198 53,899
Merchandise inventories............................................................................................................. 679,090 644,864
Deferred income taxes ................................................................................................................ 62,859 51,381
Prepaid expenses and other current assets .................................................................................. 86,768 80,352
Total current assets................................................................................................................... 1,317,136 1,263,888
Property and equipment, net....................................................................................................... 985,707 1,067,028
Equity investment in Banfield ....................................................................................................
39,934 37,824
Deferred income taxes ................................................................................................................ 102,992 93,485
Goodwill ..................................................................................................................................... 44,242 44,084
Other noncurrent assets............................................................................................................... 46,970 37,775
Total assets ............................................................................................................................... $ 2,536,981 $ 2,544,084
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable and bank overdraft......................................................................................... $ 202,122 $ 199,177
Accrued payroll, bonus and employee benefits.......................................................................... 176,082 158,079
Accrued occupancy expenses and deferred rents ....................................................................... 70,671
68,584
Current maturities of capital lease obligations ........................................................................... 61,581 54,219
Other current liabilities............................................................................................................... 244,436 201,247
Total current liabilities.............................................................................................................. 754,892 681,306
Capital lease obligations............................................................................................................. 464,578 505,273
Deferred rents ............................................................................................................................. 73,855 81,403
Other noncurrent liabilities......................................................................................................... 120,064 122,273
Total liabilities.......................................................................................................................... 1,413,389 1,390,255
Commitments and contingencies
Stockholders’ equity:
Preferred stock; $.0001 par value; 10,000 shares authorized, none issued and outstanding ... — —
Common stock; $.0001 par value; 625,000 shares authorized, 167,209 and 164,801 shares issued........................................................................................................................................ 17 16
Additional paid-in capital......................................................................................................... 1,418,411 1,312,996
Retained earnings ..................................................................................................................... 1,827,996 1,507,054
Accumulated other comprehensive income ............................................................................. 5,506 5,490
Less: Treasury stock, at cost, 61,879 and 54,686 shares.......................................................... (2,128,338) (1,671,727)
Total stockholders’ equity...................................................................................................... 1,123,592 1,153,829
Total liabilities and stockholders’ equity............................................................................... $ 2,536,981 $ 2,544,084
The accompanying notes are an integral part of these consolidated financial statements.

PetSmart, Inc. and Subsidiaries
Consolidated Statements of Income and Comprehensive Income
(In thousands, except per share data)
Year Ended
February 3, 2013 January 29, 2012 January 30, 2011
(53 weeks) (52 weeks) (52 weeks)
Merchandise sales ........................................................................................... $ 5,979,604 $ 5,401,731 $ 5,040,807
Services sales .................................................................................................. 740,471 674,859 618,755
Other revenue.................................................................................................. 38,162 36,714 34,235
Net sales........................................................................................................ 6,758,237 6,113,304 5,693,797
Cost of merchandise sales ............................................................................... 4,124,432 3,783,951 3,554,387
Cost of services sales ...................................................................................... 533,504 488,216 450,644
Cost of other revenue ...................................................................................... 38,162 36,714 34,235
Total cost of sales.......................................................................................... 4,696,098 4,308,881 4,039,266
Gross profit ................................................................................................... 2,062,139 1,804,423 1,654,531
Operating, general and administrative expenses............................................. 1,410,922 1,301,304 1,225,803
Operating income.......................................................................................... 651,217 503,119 428,728
Interest expense, net........................................................................................ (54,329) (56,842) (58,837)
Income before income tax expense and equity income from Banfield ........ 596,888 446,277 369,891
Income tax expense......................................................................................... (223,329) (166,960) (140,396)
Equity income from Banfield.......................................................................... 15,970 10,926 10,372
Net income.................................................................................................... 389,529 290,243 239,867
Other comprehensive income, net of income tax:
Foreign currency translation adjustments..................................................... 36 77 3,011
Other ............................................................................................................. (20) 33 —
Comprehensive income................................................................................... $ 389,545 $ 290,353 $ 242,878
Earnings per common share:
Basic ............................................................................................................. $ 3.61 $ 2.59 $ 2.05
Diluted .......................................................................................................... $ 3.55 $ 2.55 $ 2.01
Weighted average shares outstanding:
Basic ............................................................................................................. 107,819 111,909 116,799
Diluted .......................................................................................................... 109,611 113,993 119,405
The accompanying notes are an integral part of these consolidated financial statements.

References
Www.fool.com, (2000); Phil Weiss
Www.accountingcoach.com (n.d.)
Www.wikipedia.com (n.d.)