The following financial data were adapted from the annual report of Best Buy Inc. for the period
Question:
The following financial data were adapted from the annual report of Best Buy Inc. for the period ending February 28, 2009:
In Millions
Accounts payable………………………….………………… $ 4,997
Capital stock……………………………….…………………… 442
Cash ………………………………………......………………….… 498
Cost of goods sold………………………................…….… 34,017
Income tax expense………………………...............……... 674
Interest expense……………………………...................….… 94
Inventories………………………………….....................….… 4,573
Investments……………………......................................... 406
Goodwill and other intangible assets……......…….… 2,698
Other assets……………………………...................………… 1,429
Other expenses…………………………................……..…. 250
Other liabilities……………………………..................…….. 5,673
Other revenue (net)……………………..............……….... 7
Property, plant, and equipment…………….......…….. 4,174
Receivables…………………………………………...........……. 1,868
Sales………………………………………………..............……… 45,015
Selling, general, and administrative expenses……. 8,984
Instructions
1. Prepare Best Buy’s income statement for the year ending February 28, 2009.
2. Prepare Best Buy’s retained earnings statement for the year ending February 28, 2009. The retained earnings at March 1, 2008, was $3,933. During the year, Best Buy paid dividends of $222.
3. Prepare a balance sheet as of February 28, 2009, for Best Buy.
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Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Step by Step Answer:
1 2 3 Sales Other revenue net Total revenue Expenses BEST BUY INC ...View the full answer
