can you help me answer quesrions 4 and 5 with the information i provided ?? please help thanks.
THE INCOME STATEMENT 1. Locate the company's income statement. Income Statement Date: Last Modified 04/27/2023. Page on which income statement appears page 53. What is the period covered by the income statement? The year of 2021 2. How does the net income for this year compare to last? What caused the change, use the notes to the income statement to support your reason? Best Buy's annual net income for 2021 was $1.798B which was a 16.68% increase from 2020. According to the data it shows that the last quarter of 2021 really made an impact on the increase. 3. What are the accounts (not totals, but accounts i.e. net income is a total, wage expense is an account) that catch your attention compared to the previous year's income statement? List at least 3 and briefly explain why you selected each one. (Total Expenses or Net Income are not accounts, they are totals or labels for totals.) Explanation must say more than the figure increased or decreased, why would that be of interest? 1. Income tax expense stuck out to me because in 2020 they close with a total of $452,000,000 and in 2021 they closed out with $579,000,000. (Page 64) Both years include the total of federal, state, and foreign income tax expenses. Thy difference in one year is $127,000,000. This caught my attention because it is always menitoned how fortune 500 company's and billion-dollar companies don't pay into federal taxed. This account shares the contributions made to the federal, state, and foreign. 2. Revenue also known as total receivables in 2021 were $613 billion compared to 2020 which was at $567 million. This is a difference of $60,433,000,000 from one year to the next. According to the Fiscal 2021 Annual report for Best Buy, they generate substantially all of their revenue from customers with contracts who purchase products and services from them. It states that "During fiscal 2021 and fiscal 2020, \$923 million and $890 million of revenue was recognized, respectively, that was included in the contract liabilities at the beginning of the respective periods". This gives an idea of the brand they've created and continue to grow and that consumers are paying relatively on time. This gives the interested parties an idea of the consumer group the business has established. 3. Kepurchase of Common Stock, according to Best Buy's 2021 annual report, the total cost of shares repurchased in 2021 were $318 million and in 2020$1009 million. "Between the end of fiscal 2021 on January 30,2021 , and March 18, 2021, we repurchased an incremental 8.1 million shares of our common stock at a cost of $873 million. On February 25, 2021, we announced our plans to spend at least $2 billion on share repurchases in fiscal 2022," This big difference stuck out to me because it is valuable information for Best Buy's shareholders and investors. The number of shares purchased and retired in 2021 were 3.1 million compared to 2020 which was 14 million. The average price per share in 2021 raised $30.29 from 2020.2020 average price per share was sitting at $72.34. 4. What could explain the changes from one year to another for each account selected in number 2? Your answer explains the why it changed, not how much it changed. Your reasons must be supported by data provided in the company's annual report. 1. 2. 3. 5. Calculate the company's Profit Margin for both this year and the prior year. Show your computations and then the result. Present the figure correctly; each ratio has a specific format. The Equation for Profit Margin is: This year: = (show your work) = (result) Late year: = (show your work) = (result) Explain what information this result provides. Use complete sentences. Has the result improved or worsened? Explain your answer and add your comments on the results, Use complete sentences, Use the annual report notes to support your reason
