Refer to Best Buys financial statements in Appendix A to answer the following. 1. For both fiscal

Question:

Refer to Best Buy’s financial statements in Appendix A to answer the following.

1. For both fiscal year-ends February 28, 2009, and March 1, 2008, identify the total amount of cash and cash equivalents. Determine the percent this amount represents of total current assets, total current liabilities, total shareholders’ equity, and total assets for both years. Comment on any trends.

2. For fiscal years ended February 28, 2009, and March 1, 2008, use the information in the statement of cash flows to determine the percent change between the beginning and ending year amounts of cash and cash equivalents.

3. Compute the days’ sales uncollected as of February 28, 2009, and March 1, 2008. Has the collection of receivables improved? Are accounts receivable an important asset for Best Buy? Explain.

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... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...