In the following PDF, the question asks us about Forecasting of Income Statements and Balance Sheets. I accidentally typoed my retained earnings, so I am fairly certain that number is $853,270. However, I am having trouble with the Dividends Payable line item. I calculate it to be $9238 (Dividends/NI = 3.50% and I multiplied by Forecasted NI of $263,938). But it says it is incorrect. Would you be able to explain how to derive the correct answer? I am fairly certain once I get that number, I can calculate the rest to get the right answers. Thanks so much.

4/18/2020 Forecasting Started on Saturday, 18 April 2020, 10:07 AM State Finished Completed on correct Saturday, 18 0.82 April 2020, 2:01 Question 6 Partially Mark out of 1.00 PM Time taken 3 hours 54 mins Analyzing, Forecasting, and Interpreting Income Statement and Balance Sheet 5.68/6.00 Following are Marks the income statement and balance sheet of Whole Foods Market, Inc. Grade 9.47 out of 10.00 (95%) Income Statement, For Years Ended (in $ 000s) Sales 2010 2009 $ 9,005,794 $ 8,031,620 Cost of goods sold and occupancy costs 5,870,393 5,277,310 Gross prot 3,135,401 2,754,310 Direct store expenses 2,375,716 2,145,809 272,449 243,749 Pre-opening expenses 38,044 49,218 Relocation, store closures and lease termination costs 11,217 31,185 Operating income 437,975 284,349 Interest expense (33,048) (36,856) 6,854 3,449 Income before income taxes 411,781 250,942 Provision for income taxes 165,948 104,138 $ 245,833 $ 146,804 General administrative expenses Investment and other income Net income Balance Sheet,($ 000s) 2010 2009 Assets Cash and cash equivalents $ 131,996 $ 430,130 329,738 -- 86,802 71,023 Accounts receivable 133,346 104,731 Merchandise inventories 323,487 310,602 54,686 51,137 101,464 87,757 Total current assets 1,161,519 1,055,380 Property and equipment, net of accum depr and amortization 1,886,130 1,897,853 96,146 -- 665,224 658,254 Intangible assets, net of accumulated amortization 69,064 73,035 Deferred income taxes 99,156 91,000 9,301 7,866 Short-term investments-available-for-sale securities Restricted cash Prepaid expenses and other current assets Deferred income taxes Long-term investments--available-for-sale securities Goodwill Other assets Total assets $ 3,986,540 $ 3,783,388 Liabilities and shareholders' equity Current installments of long-term debt and capital lease obligations $ 410 $ 389 Accounts payable 213,212 189,597 Accrued payroll, bonus and other benets due team members 244,427 207,983 -- 8,217 Other current liabilities 289,823 277,838 Total current liabilities 747,872 684,024 Long-term debt and capital lease obligations, less current installments 508,288 738,848 Deferred lease liabilities 294,291 250,326 62,831 69,262 1,613,282 1,742,460 -- 413,052 1,773,897 1,283,028 791 (13,367) 598,570 358,215 2,373,258 1,627,876 Dividends payable Other long-term liabilities Total liabilities Series A redeemable preferred stock; $0.01 par value Shareholders' equity: Common stock, no par value Accumulated other comprehensive income Retained earnings Total shareholders' equity Total liabilities and shareholders' equity $ 3,986,540 $ 3,783,388 Forecast Whole Foods Market's 2011 income statement using the following relations (assume "no change" for accounts not listed). ($ 000s) https://mybusinesscourse.com/platform/mod/quiz/review.php?attempt=3560958&cmid=215200 1/3 4/18/2020 Forecasting Sales growth 4.0% Cost of good sold and occupancy costs/Sales 65.2% Direct store expenses/Sales 26.4% General and administrative expenses/Sales 3.0% Pre-opening expenses/Sales 0.4% Relocation, store closures and lease termination costs Interest expense $-$33,048 Investment and other income $6,854 Provision for income taxes/Pretax income 40.3% Round all answers to the nearest whole number. Do not use negative signs with your answers. Whole Foods Market, Inc. Income Statement, For Years Ended ($ 000s) Sales 2011 Estimated $ 9,366,026 Cost of goods sold and occupancy costs 6,106,649 Gross prot 3,259,377 Direct store expenses 2,472,631 General and administrative expenses 280,981 Pre-opening expenses 37,464 Relocation, store closures and lease termination costs 0 Operating income 468,301 Interest expense 33,048 Investment and other income 6,854 Income before income taxes 442,107 Provision for income taxes 178,169 Net income $ 263,938 Forecast Whole Foods Market's 2011 balance sheet using the following relations (assume "no change" for accounts not listed). ($ 000s) Restricted cash Short-term investments-available-for-sale securities $86,802 $329,738 Accounts receivable/Sales 1.5% Merchandise inventories/Sales 3.6% Prepaid expenses and other current assets/Sales 0.6% Deferred income taxes (current) Long-term investments--available-for-sales securities Goodwill $101,464 $96,146 $665,224 Intangible assets, net of accumulated amortization $69,064 Deferred income taxes (noncurrent) $99,156 Other Assets/Sales 0.1% Current installments of long-term debt and capital lease obligations $410 Accounts payable/Sales 2.4% Accrued payroll, bonus and other benets due team members/Sales 2.7% Other current liabilities/Sales 3.2% Deferred lease liabilities Other long-term liabilities/Sales Series A redeemable preferred stock Common stock Accumulated other comprehensive income $294,291 0.7% $-$1,773,897 $791 Capital expenditures/Prior year net PPE 13.5% Depreciation & amortization/Prior year net PPE 14.5% Dividends/Net income 3.5% Round all answers to the nearest whole number. https://mybusinesscourse.com/platform/mod/quiz/review.php?attempt=3560958&cmid=215200 2/3 4/18/2020 Forecasting Whole Foods Market, Inc. Balance Sheet, ($000s) 2011 Estimated Assets Cash and cash equivalents $ 2,372,847 329,738 Short-term investments-available-for-sale securities 86,802 Restricted cash Accounts receivable 140,490 Merchandise inventories 337,177 56,196 Prepaid expenses and other current assets 101,464 Deferred income taxes Total current assets 1,476,492 Property and equipment, net of accum depr and amortization 1,867,269 96,146 Long-term investments--available-for-sale securities 665,224 Goodwill Intangible assets, net of accumulated amortization 69,064 Deferred income taxes 99,156 9,366 Other assets Total assets $ 4,282,717 $ 410 Liabilities and shareholders' equity Current installments of long-term debt and capital lease obligations Accounts payable 224,785 Accrued payroll, bonus and other benets due team members 252,883 9,238 Dividends payable Other current liabilities 299,713 Total current liabilities 787,028 Long-term debt and capital lease obligations, less current installments 507,878 Deferred lease liabilities 294,291 Other long-term liabilities 65,562 Total liabilities 1,654,759 Series A redeemable preferred stock, $0.01 par value 0 Shareholders' equity: Common stock, no par value 1,773,897 791 Accumulated other comprehensive income Retained earnings 858,270 2,627,958 Total shareholders' equity Total liabilities and shareholders' equity https://mybusinesscourse.com/platform/mod/quiz/review.php?attempt=3560958&cmid=215200 $ 4,282,717 3/3