Analyzing, Forecasting, and Interpreting Both Income Statement and Balance Sheet Following are the income statements and balance sheets of Best Buy Co., Inc.

Income Statement, Fiscal Years Ended ($ millions)	Feb. 26, 2011	Feb. 27, 2010
Revenue	$ 50,272	$ 49,694
Cost of goods sold	37,611	37,534
Restructuring charges - cost of goods sold	24	--
Gross profit	12,637	12,160
Selling, general and administrative expenses	10,325	9,873
Restructuring charges	198	52
Goodwill and tradename impairment	--	--
Operating income	2,114	2,235
Other income (expenses)
Investment income and other	51	54
Interest expense	(87)	(94)
Earnings before income tax expense and equity in income of affiliates	2,078	2,195
Income tax expense	714	802
Equity in income of affiliates	2	1
Net earnings including noncontrolling interests	1,366	1,394
Net earnings attributable to noncontrolling interests	(89)	(77)
Net earnings attributable to Best Buy Co., Inc.	$ 1,277	$ 1,317

Balance Sheet ($ millions)

Feb. 26, 2011

Feb. 27, 2010

Assets

Cash and cash equivalents

$ 1,103

$ 1,826

Short-term investments

22

90

Receivables

2,348

2,020

Merchandise inventories

5,897

5,486

Other current assets

1,103

1,144

Total current assets

10,473

10,566

Property and equipment

Land and buildings

766

757

Leasehold improvements

2,318

2,154

Fixtures and equipment

4,701

4,447

Property under capital lease

120

95

Gross property and equipment

7,905

7,453

Less accumulated depreciation

4,082

3,383

Net property and equipment

3,823

4,070

Goodwill

2,454

2,452

Tradenames, Net

133

159

Customer Relationships, Net

203

279

Equity and Other Investments

328

324

Other assets

435

452

Total assets

$ 17,849

$ 18,302

Liabilities and Equity

Accounts payable

$ 4,894

$ 5,276

Unredeemed giftcard liabilities

474

463

Accrued compensation and related expenses

570

544

Accrued liabilities

1,471

1,681

Accrued income taxes

256

316

Short-term debt

557

663

Current portion of long-term debt

441

35

Total current liabilities

8,663

8,978

Long-term liabilities

1,183

1,256

Long-term debt

711

1,104

Best Buy Co., Inc. Shareholders' Equity

Preferred stock, $ 1.00 par value: Authorized-400,000 shares; Issued and outstanding-none

--

--

Common stock $0.10 par value: Authorized-1.0 billion shares; Issued and outstanding-392,590,000 and 418,815,000 shares, respectively

39

42

Additional paid-in capital

18

441

Retained earnings

6,372

5,797

Accumulated other comprehensive income

173

40

Total Best Buy Co., Inc. shareholders' equity

6,602

6,320

Noncontrolling interests

690

644

Total equity

7,292

6,964

Total liabilities and shareholders' equity

$ 17,849

$ 18,302

Forecast Best Buy's fiscal 2012 balance sheet using the following relations (assume "no change" for accounts not listed). Assume that all capital expenditures are purchases of property and equipment.

Cash and cash equivalents/Revenue	2.2%
Receivables/Revenue	4.7%
Merchandise inventories/Revenue	11.7%
Other current assets/Revenue	2.2%
CAPEX (Increase in gross Property and equipment)/Revenue	1.5%
Goodwill	No change
Amortization expense for Tradenames	$25
Amortization expense for Customer relationships	$38
Equity and Other Investments	No change
Other Assets/Revenue	0.9%
Accounts payable/Revenue	9.7%
Unredeemed gift card liabilities/Revenue	0.9%
Accrued compensation and related expenses/Revenue	1.1%
Accrued liabilities/Revenue	2.9%
Accrued income taxes/Revenue	0.5%
Long-term liabilities	No change
Noncontrolling interests	*
Depreciation/Prior year gross PPE	12.0%
Amortization/Prior year intangible asset balance	18.7%
Dividends/Net income	18.6%
Long-term debt payments required in fiscal 2013	$37
*increase by net income attributable to noncontrolling interests and assume no dividends

(Round all answers to the nearest whole number.)

Balance Sheet ($ millions)	2012 Estimated
Assets
Cash and cash equivalents	____________
Short-term investments	____________
Receivables	____________
Merchandise inventories	____________
Other current assets	____________
Total current assets	____________
Property and equipment
Gross property and equipment	____________
Less accumulated depreciation	____________
Net property and equipment	____________
Goodwill	____________
Tradenames, Net	____________
Customer Relationships, Net	____________
Equity and Other Investments	____________
Other assets	____________
Total assets	____________
Liabilities and equity
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	____________
Best Buy Co., Inc. Shareholders' Equity
Preferred stock, $1.00 par value: Authorized - 400,000 shares; Issued and outstanding - none	____________
Common stock, $0.10 par value: Authorized - 1.0 billion shares; Issued and outstanding - 392,590,000 and 418,815,000 shares, respectively	____________
Additional paid-in capital	____________
Retained earnings	____________
Accumulated other comprehensive income	____________
Total Best Buy Co., Inc. shareholders' equity	____________
Noncontrolling interests	____________
Total equity	____________
Total liabilities and Equity	____________