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Hi I have a final exam and deadline is tomorrow morning. I am posting a question can you please get me the answer ASAP Analyzing,
Hi I have a final exam and deadline is tomorrow morning.
I am posting a question can you please get me the answer ASAP
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 Revenue Feb. 27, 2010 $50,272 $49,694 37,611 37,534 24 -- Gross profit 12,637 12,160 Selling, general and administrative expenses 10,325 9,873 198 52 -- -- 2,114 2,235 51 54 -87 -94 2,078 2,195 714 802 2 1 1,366 1,394 -89 -77 $1,277 $1,317 Cost of goods sold Restructuring charges - cost of goods sold Restructuring charges Goodwill and tradename impairment Operating income Other income (expenses) Investment income and other Interest expense (income) Earnings before income tax expense and equity in income of affiliates Income tax expense Equity in income of affiliates Net earnings including noncontrolling interests Net (earnings) attributable to noncontrolling interests Net earnings attributable to Best Buy Co., Inc. Balance Sheet ($ millions) Feb. 26, 2011 Feb. 27, 2010 Assets Cash and cash equivalents $1,103 $1,826 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 Short-term investments Property and equipment Land and buildings 766 757 Leasehold improvements 2,318 2,154 Fixtures and equipment 4,701 4,447 120 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 Property under capital lease Tradenames, Net 133 159 Customer Relationships, Net 203 279 Equity and Other Investments 328 324 Other assets 435 452 $17,849 $18,302 $4,894 $5,276 474 463 Total assets Liabilities and Equity Accounts payable Unredeemed giftcard liabilities Accrued compensation and related expenses 570 544 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 1,256 711 1,104 -- -- 39 42 18 441 6,372 5,797 173 40 6,602 6,320 690 644 7,292 6,964 Accrued 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 equity 7,292 $17,849 Total liabilities and shareholders' equity 6,964 $18,302 Forecast Best Buy's fiscal 2012 income statement using the following relations (assume "no change" for accounts not listed). Revenue growth 5.50% Cost of good sold/Revenue 74.80% Restructuring charges - cost of good sold $-- Selling, general and administrative expenses/Revenue 20.50% Restructuring charges $-- Goodwill and trademark impairment $-- Investment income and other $51 Investment impairment $-- Interest expense ($87) Income tax expense/Pretax income 34.40% Equity in income of affiliates $2 Net earnings attributable to noncontrolling interests/Net earnings including noncontrolling interests 7.50% (Round all answers to the nearest whole number.) 2012 Income Statement, Fiscal Years Ended ($ millions) Estimated Revenue 0 $Answer Cost of goods sold 0 Answer 0 Restructuring charges - cost of goods sold Gross profit Answer Answer 0 0 Selling, general and administrative expenses Restructuring charges Answer Answer 0 0 Goodwill and tradename impairment Operating income Answer 0 Answer 0 Answer Other income (expenses) Investment income and other 0 Interest expense (use a negative sign with answer) Answer Earnings before income tax expense and equity in income of affiliates 0 Answer Income tax expense 0 Answer 0 Equity in income of affiliates Net earnings including noncontrolling interests Answer Answer 0 Net earnings attributable to noncontrolling interests (use a negative sign with answer) Net earnings attributable to Best Buy Co., Inc. 0 Answer $Answer 0 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 2.20% Receivables/Revenue 4.70% Merchandise inventories/Revenue 11.70% Other current assets/Revenue 2.20% CAPEX (Increase in gross Property and equipment)/Revenue 1.50% Goodwill No change Amortization expense for Tradenames $25 Amortization expense for Customer relationships $38 Equity and Other Investments No change Other Assets/Revenue 0.90% Accounts payable/Revenue 9.70% Unredeemed gift card liabilities/Revenue 0.90% Accrued compensation and related expenses/Revenue 1.10% Accrued liabilities/Revenue 2.90% Accrued income taxes/Revenue 0.50% Long-term liabilities No change Noncontrolling interests * Depreciation/Prior year gross PPE 12.00% Amortization/Prior year intangible asset balance 18.70% Dividends/Net income 18.60% Long-term debt payments required in fiscal 2013 $37 *increase by net income attributable to noncontrolling interests and assume no dividends (Round all answers to the nearest whole number.) Balance Sheet 2012 ($ millions) Estimated Assets Cash and cash equivalents 0 $Answer Short-term investments 0 Answer Receivables 0 Answer Merchandise inventories 0 Answer Other current assets Total current assets 0 Answer 0 Answer 0 Answer Property and equipment Gross property and equipment Less accumulated depreciation 0 Answer Net property and equipment 0 Answer Goodwill 0 Answer Tradenames, Net 0 Answer Customer Relationships, Net 0 Answer Equity and Other Investments 0 Answer Other assets Total assets 0 Answer 0 $Answer Accounts payable 0 $Answer Unredeemed gift card liabilities 0 Answer Accrued compensation and related expenses 0 Answer Accrued liabilities 0 Answer Accrued income taxes 0 Answer Short-term debt 0 Answer Liabilities and equity Current portion of long-term debt 0 Answer Total current liabilities 0 Answer Long-term liabilities 0 Answer Long-term debt 0 Answer Preferred stock, $1.00 par value: Authorized - 400,000 shares; Issued and outstanding - none 0 Answer Common stock, $0.10 par value: Authorized - 1.0 billion shares; Issued and outstanding 0 Best Buy Co., Inc. Shareholders' Equity - 392,590,000 and 418,815,000 shares, respectively Answer Additional paid-in capital 0 Answer Retained earnings 0 Answer Accumulated other comprehensive income Total Best Buy Co., Inc. shareholders' equity Noncontrolling interests Total equity Total liabilities and Equity 0 0 0 0 0 Answer Answer Answer Answer $Step by Step Solution
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