a. Describe the following accounts:

1. Shareholders' Equity

2. Common Stock, $.10 par value

3. Additional Paid-In Capital

4. Minority Interests (balance sheet account)

b. Determine the number of shares of:

1. Common stock authorized at March 3, 2007.

2. Common stock issued and outstanding at March 3, 2007.

c. 1. What is the dollar amount of shareholders' equity at March 3, 2007?

2. Would the dollar amount of shareholders' equity at March 3, 2007, equal the market value of shareholders' equity at March 3, 2007? Comment.

d. What is the total long-term debt at March 3, 2007?

The Best Buy∗ liabilities and shareholders' equity for the fiscal year ended March 31, 2007, follow:

Transcribed Image Text:

Liabilitics and Sharcholders' Equity In millions, cxcept per share amounts) Current Liabilities March 3, 2007 February 25, 2006 S 3,234 469 354 878 703 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 S 3,934 496 332 990 489 41 19 6,301 443 590 35 418 6,056 373 178 Total current liabilities Long-Term Liabilities Long-Term Debt Minority Interests Shareholders' Equity Preferred stock, $1.00 par value: Authorized- 400,000 shares; Issued and outstanding-none Common stock, $.10 par value: Authorized- 1 billion shares; Issued and outstanding- 480,655,000 and 485,098,000 shares, respectively Additional paid-in capital Retained earnings Accumulated other comprehensive income 48 430 5,507 216 6,201 $13,570 49 643 4,304 261 5,257 $11,864 Total shareholders' equity Total Liabilities and Shareholders' Equity