Assume the following are the fiscal year income statement and balance sheet of Whole Foods Market,...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Assume the following are the fiscal year income statement and balance sheet of Whole Foods Market, Inc. Income Statement ($ thousands) 2016 $4,701,289 3,052,184 1,649,105 1,223,473 158,864 37,035 Sales Cost of goods sold and occupancy costs Gross profit Direct store expenses General and administrative expenses Pre-opening and relocation costs Operating income Other income expense 229,733 Interest expense (2,223) Investment and other income 9,623 Income before income taxes 237,133 Provision for income taxes 100,782 Net income $ 136,351 Forecast Whole Food Market's 2017 income statement and year-end balance sheet using the following relations (cost of goods sold and occupancy costs can be inferred as sales minus gross profit; and assume no change for all other accounts not listed below). Cash balance is plug figure. Sales growth Gross profit margin 21.6% 35.1% Direct store expenses 26.0% General and administrative expenses 3.4% Pre-opening and relocation costs 0.8% Provision for income taxes/Income before income taxes 42.6% Sales/Year-end trade accounts receivable 70.16 Cost of goods sold and occupancy costs/Year-end merchandise inventories 17.54 Sales/Year-end property and equipment, net 4.46 Cost of goods sold and occupancy costs/Year-end trade accounts payable 29.63 Sales/Year-end accrued payroll, bonus and other benefits due team members 37.02 Dividends/Net income 40.2% Dividends/Dividends payable 3.22 What is the forecasted cash balance at fiscal 2017 year-end? $ 214 million b. $ 416 million a. C. ($ 319) million d. $1,217 million Assume the following are the fiscal year income statement and balance sheet of Whole Foods Market, Inc. Income Statement ($ thousands) 2016 $4,701,289 3,052,184 1,649,105 1,223,473 158,864 37,035 Sales Cost of goods sold and occupancy costs Gross profit Direct store expenses General and administrative expenses Pre-opening and relocation costs Operating income Other income expense 229,733 Interest expense (2,223) Investment and other income 9,623 Income before income taxes 237,133 Provision for income taxes 100,782 Net income $ 136,351 Forecast Whole Food Market's 2017 income statement and year-end balance sheet using the following relations (cost of goods sold and occupancy costs can be inferred as sales minus gross profit; and assume no change for all other accounts not listed below). Cash balance is plug figure. Sales growth Gross profit margin 21.6% 35.1% Direct store expenses 26.0% General and administrative expenses 3.4% Pre-opening and relocation costs 0.8% Provision for income taxes/Income before income taxes 42.6% Sales/Year-end trade accounts receivable 70.16 Cost of goods sold and occupancy costs/Year-end merchandise inventories 17.54 Sales/Year-end property and equipment, net 4.46 Cost of goods sold and occupancy costs/Year-end trade accounts payable 29.63 Sales/Year-end accrued payroll, bonus and other benefits due team members 37.02 Dividends/Net income 40.2% Dividends/Dividends payable 3.22 What is the forecasted cash balance at fiscal 2017 year-end? $ 214 million b. $ 416 million a. C. ($ 319) million d. $1,217 million
Expert Answer:
Answer rating: 100% (QA)
Correct option a 214 million Income Statement Sales 4701289 x 1 216 571676742 Cost of Goods Sold and ... View the full answer
Related Book For
Horngrens Accounting
ISBN: 978-0133855388
10th Canadian edition Volume 2
Authors: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo-Ann L. Johnston, Peter R. Norwood
Posted Date:
Students also viewed these accounting questions
-
The 2017 comparative income statement and balance sheet of Flowell Design Ltd. follow: Flowell Design Ltd. had no non-cash financing and investing transactions during 2017. During the year, there...
-
Income statement and balance sheet data for Virtual Gaming Systems are provided below. Required: 1. Calculate the following risk ratios for 2015 and 2016: a. Receivables turnover ratio. b. Inventory...
-
Income statement and balance sheet data for Great Adventures, Inc., are provided below. As you can tell from the financial statements, 2014 was an especially busy year. Tony and Suzie were able to...
-
Here is the end-of-year account balance information from the accounting records of Jaunty Coffee Company: Sales revenue Cash Cost of goods sold Accounts payable Capital stock Dividends Retained...
-
On April 13, a stereo store received a new sound system with a list price of $2500 from the manufacturer. The stereo store received a trade discount of 25%. The invoice, with terms 2/10, n/30,...
-
The BFGS method can be considered as a Quasi-Newton, conjugate gradient, and variable metric method- Justify this statement with proper example.
-
The 150-kg bucket is suspended from end E of the frame. Determine the avarage normal stress in the 6-mm diameter wire CF and the 15-mm diameter short struct BD. 0.6 m 30 1.2 m 0.6 m 0.6 m D B A E
-
A participating ordinary life policy in the amount of $10,000 is sold to an individual, age 35. The following cost data are given: Annual premium ............... $230 Total dividends for 20 years...
-
4 The inventory records of Kuffel Company reflected the following information for the year ended December 31, 2022: 3.75 points Date 1/1 Transaction Number of Units Unit Cost Total Cost Beginning...
-
The graph below shows the hours studied and the test grades on a biology test for 7 students. The red line on the graph can be used to approximate the test grade the average student receives for the...
-
A spherical balloon is inflated so that so that its diameter is 12 m. Find the surface area of the balloon's covering and the volume of the gas.
-
What is the calculation formula for the corporate cost of capital?
-
What is a dashboard?
-
What is the difference between a base stock and a safety stock?
-
What is financial statement analysis, and what is its purpose?
-
What is the logic behind depreciation expense, and how is it calculated?
-
For the following function, where 'a' and 'b' are constant, determine if invertible and if so, find inverse: f(x) = aln(x) +b
-
The relationship described in question 7 does not always appear to hold. What factors, besides the number of firms in the market, might affect margins?
-
Portal Holdings Ltd. had the following short-term investments in marketable securities on December 31, 2016, at fair value and book value: Canadian Utilities Limited ...........$310,000 TELUS...
-
Pacific Hotels Inc., a large hotel chain, had Retained Earnings of $250.0 million at the beginning of 2017. The company showed these figures at December 31, 2017: ($ millions) Net income $75.0 Cash...
-
Jens Hardware Inc.'s financial statements for the year ended December 31, 2017, are shown below: JENS HARDWARE INC. Income Statement For the Year Ended December 31, 2017 Net sales...
-
Consider a scenario where you negotiate with a company over the salary and perks being offered for a position. Create a class diagram for this using negotiation patterns as your base and draw a...
-
Consider a scenario where an online trade application is being developed. The two registered users can negotiate over the price of a product being traded. Create a class diagram for this application...
-
Explain main disadvantages of starting analysis from scratch for each project.
Study smarter with the SolutionInn App