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Question 10 Not complete Points out of 11.00 Flag question 0 qaid=7355620&qu 0 Question text 2 Analysis and Interpretation of Profitability Balance sheets and income statements for Best Buy Co., Inc. follow. Consolidated Statements of Earnings February 28, 2009 $ 45,015 34,017 -- March 1, 2008 $ 40,023 30,477 -- Gross Profit 12,160 Selling, general and administrative expenses 9,873 Restructuring charges 52 -Goodwill and tradename impairment 10,998 8,984 78 66 9,546 7,385 --- Operating income Other income (expense) Investment income and other Investment impairment Interest expense Earnings before income tax expense and equity in income of affiliates Income tax expense 2,235 1,870 2,161 54 -(94) 35 (111) (94) 129 -(62) 2,195 1,700 2,228 802 1 674 7 815 (3) 1,033 (30) 1,410 (3) $ 1,003 $ 1,407 For Fiscal Years Ended ($ millions) Revenue Cost of goods sold Restructuring charges - cost of goods sold Equity in income of affiliates February 27, 2010 $ 49,694 37,534 -- Net earnings including noncontrolling interest 1,394 Net income attributable to noncontrolling (77) interest Net income attributable to Best Buy Co., Inc. $ 1,317 Consolidated Balance Sheets ($ millions, except footnotes) Assets Current assets Cash and cash equivalents Short-term investments Receivables Merchandise inventories Other current assets Total current assets Property and equipment Land and buildings Leasehold improvements Fixtures and equipment Property under capital lease Less: Accumulated depreciation Property and equipment, net Goodwill Tradenames, net Customer relationships, net Equity and other investments Other noncurrent assets Total assets Liabilities and equity Current liabilities Accounts payable Unredeemed gift card liabilities Accrued compensation and related expenses Accrued liabilities Accrued income taxes Short-term debt Current portion of long-term debt Total current liabilities Long-term liabilities Long-term debt Equity February 27, 2010 February 28, 2009 $ 1,826 90 2,020 5,486 1,144 $ 498 11 1,868 4,753 1,062 10,566 8,192 757 2,154 4,447 95 755 2,013 4,060 112 7,453 3,383 6,940 2,766 4,070 2,452 159 279 324 452 4,174 2,203 173 322 395 367 $ 18,302 $ 15,826 $ 5,276 463 544 1,681 316 663 35 $ 4,997 479 459 1,382 281 783 54 8,978 1,256 1,104 8,435 1,109 1,126 Consolidated Balance Sheets ($ millions, except footnotes) Best Buy Co., Inc. Shareholders' equity Preferred stock, $1.00 par value Common stock, $0.10 par value Additional paid-in capital Retained earnings Accumulated other comprehensive income (loss) Total Best Buy Co., Inc. shareholders' equity Noncontrolling interest Total equity Total liabilities and equity February 27, 2010 February 28, 2009 -42 441 5,797 40 -41 205 4,714 (317) 6,320 644 4,643 513 6,964 5,156 $ 18,302 $ 15,826 (a) Compute net operating profit after tax (NOPAT) for 2010. Assume that the combined federal and statutory rate is: 37.0%. (Hint: Treat equity in income of affiliates as operating. Round your answer to the nearest whole number.) 2010 NOPAT = Answer 0 0.00 points out of 1.00 ($ millions) (b) Compute net operating assets (NOA) for 2010 and 2009. (Hint: Treat the Equity and Other Investments and the Long-Term Liabilities as operating.) 2010 NOA = Answer 0 0.00 points out of 1.00 ($ millions) 2009 NOA = Answer 0 0.00 points out of 1.00 ($ millions) (c) Compute Best Buy's RNOA, net operating profit margin (NOPM) and net operating asset turnover (NOAT) for 2010. (Do not round until final answer. Round two decimal places. Do not use NOPM x NOAT to calculate RNOA.) 2010 RNOA = Answer 0 0.00 points out of 1.00 % 2010 NOPM = Answer 0 0.00 points out of 1.00 % 2010 NOAT = Answer 0 0.00 points out of 1.00 (d) Compute net nonoperating obligations (NNO) for 2010 and 2009. 2010 NNO = Answer 0 0.00 points out of 1.00 ($ millions) 2009 NNO = Answer 0 0.00 points out of 1.00 ($ millions) (e) Compute return on equity (ROE) for 2010. (Round your answers to two decimal places. Do not round until your final answer.) 2010 ROE = Answer 0 0.00 points out of 1.00 % (f) Infer the nonoperating return component of ROE for 2010. (Use answers from above to calculate. Round your answer to two decimal places.) 2010 nonoperating return = Answer 0 0.00 points out of 1.00 % (g) Which of the following statements reflects the best inference we can draw from the difference between Best Buy's ROE and RNOA? ROE > RNOA implies that Best Buy's equity has grown faster than its NOA. ROE > RNOA implies that Best Buy has taken on too much financial leverage. ROE > RNOA implies that Best Buy is able to borrow money to fund operating assets that yield a return greater than its cost of debt; the excess accrues to the benefit of Best Buy's stockholders. ROE > RNOA implies that Best Buy has increased its financial leverage during the period