Question: Can someone help me solve this accounting question? Analyzing, Forecasting, and Interpreting Both Income Statement and Balance Sheet Following are the income statements and balance

Can someone help me solve this accounting question?

Can someone help me solve this accounting question? Analyzing, Forecasting, and Interpreting

Analyzing, Forecasting, and Interpreting Both Income Statement and Balance Sheet Following are the income statements and balance sheets of Best Buy Co., Inc. Income Statement, Fiscal Years Ended ($ millions) Feb. 26, 2011 Feb. 27, 2010 Revenue $ 50,272 $ 49,694 37,611 37,534 24 -- Gross profit 12,637 12,160 Selling, general and administrative expenses 10,325 9,873 198 52 -- -- 2,114 2,235 51 54 (87) (94) 2,078 2,195 714 802 2 1 1,366 1,394 (89) (77) $ 1,277 $ 1,317 Cost of goods sold Restructuring charges - cost of goods sold Restructuring charges Goodwill and tradename impairment Operating income Other income (expenses) Investment income and other Interest expense Earnings before income tax expense and equity in income of affiliates Income tax expense Equity in income of affiliates Net earnings including noncontrolling interests Net earnings attributable to noncontrolling interests Net earnings attributable to Best Buy Co., Inc. Balance Sheet ($ millions) Feb. 26, 2011 Feb. 27, 2010 Assets Cash and cash equivalents $ 1,103 $ 1,826 22 90 Receivables 2,348 2,020 Merchandise inventories 5,897 5,486 1,103 1,144 10,473 10,566 Short-term investments Other current assets Total current assets Property and equipment Balance Sheet ($ millions) Land and buildings Feb. 26, 2011 Feb. 27, 2010 766 757 Leasehold improvements 2,318 2,154 Fixtures and equipment 4,701 4,447 120 95 7,905 7,453 4,082 3,383 Net property and equipment 3,823 4,070 Goodwill 2,454 2,452 Tradenames, Net 133 159 Customer Relationships, Net 203 279 Equity and Other Investments 328 324 435 452 $ 17,849 $ 18,302 $ 4,894 $ 5,276 Unredeemed giftcard liabilities 474 463 Accrued compensation and related expenses 570 544 1,471 1,681 Accrued income taxes 256 316 Short-term debt 557 663 441 35 Total current liabilities 8,663 8,978 Long-term liabilities 1,183 1,256 711 1,104 Preferred stock, $ 1.00 par value: Authorized-400,000 shares; Issued and outstanding-none -- -- Common stock $0.10 par value: Authorized-1.0 billion shares; Issued and outstanding-392,590,000 and 418,815,000 shares, respectively 39 42 Additional paid-in capital 18 441 6,372 5,797 Property under capital lease Gross property and equipment Less accumulated depreciation Other assets Total assets Liabilities and Equity Accounts payable Accrued liabilities Current portion of long-term debt Long-term debt Best Buy Co., Inc. Shareholders' Equity Retained earnings Balance Sheet ($ millions) Feb. 26, 2011 Feb. 27, 2010 173 40 6,602 6,320 690 644 7,292 6,964 $ 17,849 $ 18,302 Accumulated other comprehensive income Total Best Buy Co., Inc. shareholders' equity Noncontrolling interests Total equity Total liabilities and shareholders' equity Forecast Best Buy's fiscal 2012 income statement using the following relations (assume "no change" for accounts not listed). Revenue growth 5% Cost of good sold/Revenue 74.8% Restructuring charges - cost of good sold $-- Selling, general and administrative expenses/Revenue 20.5% Restructuring charges $-- Goodwill and trademark impairment $-- Investment income and other $51 Investment impairment $-- Interest expense $(87) Income tax expense/Pretax income 34.4% Equity in income of affiliates $2 Net earnings attributable to noncontrolling interests/Net earnings including noncontrolling interests 6.5% (Round all answers to nearest whole number.) Income Statement, Fiscal Years Ended ($ millions) Revenue Cost of goods sold 2012 Estimated $Answer Answer Answer Restructuring charges - cost of goods sold Gross profit Answer Income Statement, Fiscal Years Ended ($ millions) 2012 Estimated Answer Selling, general and administrative expenses Restructuring charges Answer Answer Goodwill and tradename impairment Operating income Answer Other income (expenses) Investment income and other Answer Answer Interest expense (income) Use a negative sign with answer. Earnings before income tax expense and equity in income of affiliates Income tax expense Answer Answer Answer Equity in income of affiliates Net earnings including noncontrolling interests Net (earnings) attributable to noncontrolling interests (use a negative sign with answer) Net earnings attributable to Best Buy Co., Inc. Answer Answer $Answer Forecast Best Buy's fiscal 2012 balance sheet using the following relations (assume "no change" for accounts not listed). Assume that all capital expenditures are purchases of property and equipment. Cash and cash equivalents/Revenue 2.2% Receivables/Revenue 4.7% Merchandise inventories/Revenue Other current assets/Revenue 11.7% 2.2% CAPEX (Increase in gross Property and equipment)/Revenue Goodwill 1.5% No change Amortization expense for Tradenames $25 Amortization expense for Customer relationships $38 Equity and Other Investments No change Other Assets/Revenue 0.9% Accounts payable/Revenue 9.7% Unredeemed gift card liabilities/Revenue 0.9% Accrued compensation and related expenses/Revenue 1.1% Accrued liabilities/Revenue 2.9% Accrued income taxes/Revenue 0.5% Long-term liabilities No change Noncontrolling interests * Depreciation/Prior year gross PPE 12.0% Amortization/Prior year intangible asset balance 18.7% Dividends/Net income 18.6% Long-term debt payments required in fiscal 2013 $37 *increase by net income attributable to noncontrolling interests and assume no dividends (Round all answers to the nearest whole number.) Balance Sheet ($ millions) 2012 Estimated Assets Cash and cash equivalents Short-term investments Receivables Merchandise inventories $Answer Answer Answer Answer Answer Other current assets Total current assets Answer Balance Sheet ($ millions) 2012 Estimated Property and equipment Gross property and equipment Answer Answer Less accumulated depreciation Net property and equipment Goodwill Tradenames, Net Customer Relationships, Net Equity and Other Investments Answer Answer Answer Answer Answer Answer Other assets Total assets $Answer Liabilities and equity Accounts payable Unredeemed gift card liabilities Accrued compensation and related expenses Accrued liabilities Accrued income taxes Short-term debt $Answer Answer Answer Answer Answer Answer Answer Current portion of long-term debt Balance Sheet ($ millions) Total current liabilities Long-term liabilities Long-term debt 2012 Estimated Answer Answer Answer Best Buy Co., Inc. Shareholders' Equity Preferred stock, $1.00 par value: Authorized - 400,000 shares; Issued and outstanding - none Common stock, $0.10 par value: Authorized - 1.0 billion shares; Issued and outstanding - 392,590,000 and 418,815,000 shares, respectively Additional paid-in capital Retained earnings Answer Answer Answer Answer Answer Accumulated other comprehensive income Total Best Buy Co., Inc. shareholders' equity Answer Answer Noncontrolling interests Answer Total equity Total liabilities and Equity $

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