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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 (5 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) Balance Sheet (5 millions) Feb. 26, 2011 Feb. 27, 2010 30 $ 1.103 22 2.340 5,897 1.163 10473 2.00 5.486 1.141 10:566 766 2.310 4.701 757 2.154 Assets Cash and cash equivalents Short-term investments Receivables Merchandise inventories Other current assets Total current assets Property and equ pment Land and buildings Leasehold improvements Fixtures and equipment Property under capital lease 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 abilities and Equity Accounts payable Lovreceemned iftcard abditios Acenud minnan sartmana 7005 2002 95 7.453 03 4070 2452 150 2454 133 200 330 135 435 432 $18.302 $17.849 $4.894 474 55.270 463 544 1.631 316 663 Equity and Other investments Other assets Total assets Liabilities and Equity Accounts payable Unredeemed giftcard liabilities Accrued compensation and related expenses Accrued liabilities Accrued income taxes Short-term debt Current portion of long-term debt Total current liabilities Long-term 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 50.10 par value: Authorted-1.0 bilion shares sued and outstanding-392.550.000 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 abilities and shareholders equity 570 1,471 256 557 441 8.663 1.188 711 35 8.978 1.256 1.104 2 39 118 6,372 173 602 690 7292 5 57 849 3797 0 6320 6.964 $ 1302 Forecast Best Buy's fiscal 2012 income statement using the following relations (assume no change for accounts not listedi. * Return to course Mys Forecast Best Buy's fiscal 2012 income statement using the following relations (assume "no change" for accounts not listed) Revenue growth 5.596 Cost of good sold/Revenue 74,99 Restructuring charges cost of good sold 5 Selling general and administrative expenses/Revenue 20.596 Restructuring charges $ Goodwill and trademark impairment Investment income and other $51 Investment impairment 5 Interest expense $87 Income tax expense/Pretax income 34.4% 52 Equity in income of affiliates 7.596 Net earnings attributable to noncontrolling interests/Net earnings including noncontrolling interests - Round all answers to the nearest whole number. - Do not use negative signs with your answers in the income statement 2012 Estimated 5 0 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 0 0 0 0 turing charges Round all answers to the nearest whole number. Do not use negative signs with your answers in the income statement. 0 2012 Income Statement, Fiscal Years Ended (5 millions) Estimated Revenue $ 0 Cost of goods sold 0 Restructuring charges - cost of goods sold 0 Gross profit Selling general and administrative expenses 0 Restructuring charges 0 Goodwill and tradename impairment 0 Operating income 0 Other income/expenses Investment income and other Interest expense 0 Earnings before income tax expense and equity in income of affiliates 0 0 Income tax expense 0 Equity in income of affiliates 0 Net earnings including noncontrolling interests Net earnings attributable to noncontrolling interests $ 0 Net earnings attributable to Best Buy Co. Inc 0 0 Forecast Best Buy's fiscal 2012 balance sheet using the following relations (assume "no cha purchases of property and equipment. No change Short-term Investments 4.796 Forecast Best Buys fiscal 2012 balance sheet using the following relations assume no change for accounts not inted Asume that will die purchases of property and equipment Short-term investments Mocha Recevableeven 1.76 Merchandise inventore venue 11 Other current seven CAPEX (increase in gross Property and equipment Goodwill Mocha Amortation expense for Traders $39 Amortization expense for Customer relationship Equity and Other investments No change Other Avenue OM Accounts payabivenue 12 Unredeemned gift card liabilities/evente Accrued compensation and related preseven Accrued abilities Revenge 2.99 Accrued income taxes/Revenge 05 Long temable No chance Noncotrolig interest Deprecatorior year PPE 12.04 T. Amortizatopior year intangible anset balance Dividend svetom Land payments required in fiscal 2013 increase by income table to interest and dividende Round all answers to the nearest whole number. Do not use negative signs with your answers in the balance sheet. 2012 Estimated $ 0 0 0 0 0 lo 0 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 olo o 0 0 0 0 $ 0 $ o o o o X UUTIS 0 0 0 0 O 0 0 0 0 0 0 Total assets Liabilities and equity Accounts payable $ Unredeemed gift card liabilities Accrued compensation and related expenses Accrued liabilities Accrued income taxes Short-term debt Current portion of long-term debt Total current liabilities Long-term 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 liabilities and Equity S 0 0 OOO 0 0 0 b. What does the forecasted adjustment to balance the accounting equation from part a reveal to us about the company? Explain