On page 27 of Best Buys annual report for its fiscal year ended February 28, 2009, there

Question:

On page 27 of Best Buy’s annual report for its fiscal year ended February 28, 2009, there is a five-year summary of financial highlights. (If you have trouble finding this page, you can look on the financial statements for this information.)

1. Identify the amounts reported for total assets at the four most recent year ends.

2. Identify the amounts reported for revenues and net earnings (net income) for the three most recent years.

3. Compute the asset turnover ratio for the two most recent fiscal years. In which fiscal year did the company make best use of its assets? How can you tell?

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Asset Turnover
Asset turnover is sales divided by total assets. Important for comparison over time and to other companies of the same industry. This is a standard business ratio.