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 (5 millions) Feb. 26. 2011 Feb. 27, 2010 Assets Cash and cash equivalents 51.103 $1,826 Short-term investments 30 Receivables 2,348 2020 Merchandise inventories 5,897 5,436 Other current assets 1.103 1.144 Total current assess 10,473 10,566 Property and equipment Land and buildings 766 757 Leasehold improvements 2118 2,154 Fixtures and equipment 4,701 Property under capital lease 120 95 Gross property and equipment 7,205 7453 Les accumulated depreciation 4,082 2333 Net property and equipment 3123 4,070 Goodwie 2454 2,452 Tradenames, Net 133 159 Customer Relationships, Net 203 270 Equity and other investments 328 324 Other assets 435 Totalt 5.17.549 18.30 Liabilities and Equity Accounts payable 5434 $5,276 Unredeemed viftcard liabilities 463 Accrued compensation and related expenses 570 544 Accrued abilities 1.471 250 Accrued income taxes 557 Short-term det 441 35 Current portion of long-term de Total current abilities 8665 8.978 1.1 1.256 Long term abilities 711 Long term deb 1,104 Best Buy Co, Inc Shareholders' Equity Preferred stock, 51.00 par value. Authored-400,000 shares, issued and outstanding none 39 Common stock 50.10 par value: Authorized 10 billion shares, issued and outstanding 192,590,000 and 418,315,000 shares, respectively 18 Additional paid in capital 6,372 5,797 Retained earnings 173 10 Accumulated other comprehensive income 6602 Total Best Buy Co., Inc. shareholders equity 690 644 Noncontrolling interests 7,292 6,964 Total 517,849 $18.302 Totabilities and shareholders equity Forecast Best Buy's fiscal 2012 income statement using the following relations (assume "no change for accounts not listed). Revenue growth 5 Cost of good sold/Revenue 74.8% Restructuring charges - cost of good sold 5- Selling general and administrative expenses/Revenue 20.5% Restructuring charges Goodwill and trademark impairment Investment income and other $51 trivestment impairment Interest expense 587 Income tax expense/Pretax income 34.4% Equity in income of affiliates $2 Net earnings attributable to noncontrolling interestsNet earnings including noncontrolling interests 6.54 Round all answers to nearest whole number. Do not use negative signs with your answers in the income statement 2012 Estimated $ 52,786 65,744 x 0 0x OX 07 0 Income Statement, Fiscal Years Ended (5 millions) Revenue Cost of goods sold Restructuring charges - cost of goods sold Gross profit Selling general and administrative expenses Restructuring charges Goodwill and tradename impairment Operating income Other income/expenses Investment income and other Interest expense Earnings before income tax expense and equity in income of affiliates Income tax expense Equity in income of affiliates Net earnings including noncontrolling interests Net earnings attributable to noncontrolling interests Net earnings attributable to Best Buy Co., Inc. OX 0 X 0 x OX $ Round all answers to the nearest whole number. Do not use negative signs with your answers in the balance sheet. Balance Sheet 2012 (5 millions) Estimated Assets Cash and cash equivalents 5 OX Short-term investments OX Receivables OX Merchandise inventories 0x Other current assets Total current assets OX Property and equipment Gross property and equipment OX Less accumulated depreciation Ox Net property and equipment OX Goodwill Tradenames, Net OX Customer Relationships, Net OX Equity and Other Investments OX Other assets OX Total assets OX Elabilities and equity Accounts payable $ OX Unredeemed gift card liabilities OX Accrued compensation and related expenses OX Accrued liabilities Ox Accrued income taxes OX Short-term debt OX Current portion of long-term debt OX Total current habilities OX Long-term liabilities 0 x Long-term debt OX Best Buy Co, Inc. Shareholders' Equity Preferred stock, 51.00 par value: Authorized - 400,000 shares: Issued and outstanding none 0 Common stock, 90, 10 par value: Authorized - 1:0 billion shares; issued and outstanding - 392,590,000 and OX 418,815,000 shares, respectively Additional paid-in capital OX Retained earnings OX Accumulated other comprehensive income OX Total Best Buy Co.Inc. shareholders' equity OX Noncontrolling interests OX Do not use negative signs with your answers in the balance sheet. 2012 Estimated 5 OX OX OX OX OX 0 x 0X OX OX OX OX 0 x 5 Balance Sheet (5 millions) 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 deb Current portion of long-term debit Total current liabilities Long-term liabilities Long-term debit Best Buy Co., Inc. Shareholders' Equity Preferred stock, $1.00 par value: Authorized 400,000 shares: Issued and outstanding none Common stock, 10.10 par value Authorized 1.0 billion shares issued and outstanding - 332,590,000 and 458,815.000 shares, respectively Additional paid in capital Retained earnings Accumulated other comprehensive income Total Best Buy Co, inc. shareholders' equity Noncontrolling interests Total equity Total abilities and Equity $ OX Ox O OX OX OX O OX 0 Ture here to search