Best Buy Co, Inc. is a leading retailer specializing in consumer electronics. A condensed income statement and balance sheet for the fiscal year ended January 28, 2017. are shown next E3-17 Calculating ratios: Best Buy LO3-8 Real World Financials Best Buy Co., Inc. Balance Sheet At January 28, 2017 $ in millions) Assets $ 2.240 1.681 1,347 Current assets: Cash and cash equivalents Short-term investments Accounts receivable (net) Inventory Other current assets Total current assets Long term assets Total assets 4,864 384 10,516 3,340 $13,856 Llabilities and Shareholders' Equity Current liabilities: Accounts payable Other current Habities Total current liabilities Long-term liabilities Shareholders' equity Total liabilities and shareholders' equity $ 4,984 2.138 7,122 2.025. 9147 4,709 $13,856 CHAPTER 3 The Balance Sheet and Financial Disclosures 149 Best Buy Co., Inc. Income Statement For the Year Ended January 28, 2017 $ in millions) Revenues $39,403 Costs and expenses 37,549 Operating income 1,854 Other Income (expense) (38) Income before income taxes 1,816 Income tax expense 609 Net Income $ 1.207 includes $72 of interest expere Liquidity and solvency ration for the industry are as follows: Industry Average Current ratio 1.43 Acid-test ratio 1.15 Debt to equity 0.68 Times Interest earned 8.25 times Required 1. Determine the following ratios for Best Buy for its fiscal year ended January 28, 2017 a. Current ratio b. Acid-test ratio c. Det to equity ratio d. Times interest earned ratio 2. Using the ratios from requirement assess Best Buy's liuidity bency relative to it in Ziplo CHAPTER 3 The Balance Sheet and Financial Disclosures The data listed below are taken from a balance sheet of Trident Corporation at December 31, 2021. Som amounts, indicated by question marks, have been intentionally omitted. lance sheet eparation ssing elements L03-2, L03-3 Cash and cash equivalents Short-term Investments Accounts receivable Inventory Prepaid expenses (current) Total current assets Long-term receivables Equipment (net) Total assets Notes payable (current) Accounts payable Accrued liabilities Other current liabilities Total current liabilities Long-term debt Total liabilities Common stock ($ in thousands) $ 239,186 353,700 504,944 ? 83,259 1,594,927 110,800 ? ? 31.116 ? 421,772 181,604 693,564 ? 956,140 370,627 1,000,000 Retained earnings Required: 1. Determine the missing amounts. 2. Prepare Trident's classified balance sheet. Include headings for each classification, as well as tit classification's subtotal. An example of a classified balance sheet can be found in the Concept R cise at the end of Part A of this chapter. following is a December 31, 2021, post-closing trial balance for Almway Corporation. Account Title Cash Liploc 191 P 3-2 Balance sheet preparation missing elements LOJ-2, LO3-3 CHAPTER The Balance sheet and Financial The data med below are taken from a balance sheet of Trident Corporation at December 31, 2021. Some amount indicated by question marks have been intentionally omitted $ in thousands) Cash and cash equivalents $ 239,136 Short-term investments 353.700 Accounts receivable 504,944 Inventory 7 Prepaid expenses (current) 83.259 Total current assets 1.594.927 Long-term receivables 110.800 Equipment (net) ? Total assets ? Notes payable (current) 31.116 Accounts payable ? Accrued Mabilities 421,772 Other current liabilities 181,604 Total current liabilities 693.5647 Long-term debt ? Total Nabilities 956,140 Common stock 370,627 Retained earnings 1,000,000 Required: 1. Determine the missing amounts. 2. Prepare Trident's classified balance sheet. Include headings for each classification, as well as the classification's subtotal. An example of a classified balance sheet can be found in the Concept cise at the end of Part A of this chapter. The following is a December 31, 2021. post-closing trial balance for Almway Corporation Account Title Debits Cre $ Cash Investment in equity securities Account 45,000 110,000
