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Dashboard ACCT551:001/1WW-Accounting for Managers Module 11 Module 11 Exercise Started on Thursday, September 29, 2016, 10:36 AM State Finished Completed on Thursday, September 29, 2016, 10:43 AM Time taken 6 mins 23 secs Grade 1.60 out of 20.00 (8%) Support QUESTION 1 Balance Income Sheet Statement, Partially correct 1.60 points out of 20.00 Feb. 26, 2011 Feb. Feb.27, 26,2010 2011 Feb. 27, 2010 Fiscal ($ millions) Years Ended ($ millions) 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, Feb. 26, 2011 Feb. 27, 2010 Fiscal Years Ended ($ millions) Revenue $ 50,272 $ 49,694 37,611 37,534 24 -- Gross prot 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 Earnings before income tax expense and equity in income of aliates Income tax expense Equity in income of aliates Net earnings including noncontrolling interests Net earnings attributable to noncontrolling interests Net earnings attributable to Best Buy Co., Inc. Balance Sheet ($ millions) Assets Feb. 26, 2011 Feb. 27, 2010 $ 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 Cash and cash equivalents Short-term investments Property and equipment Support Balance Sheet ($ millions) Land and buildings Feb. 26, 2011 Feb. 27, 2010 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 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 Unredeemed giftcard liabilities 474 463 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 Property under capital lease Total assets Liabilities and Equity Accounts payable 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 $0.10 par value: Authorized-1.0 billion shares; Issued and outstanding-392,590,000 and 418,815,000 shares, respectively Additional paid-in capital Retained earnings Support Balance Sheet Income Statement, Fiscal Years Ended Feb.($ 26, millions) 2011 Feb. 27, 2010 ($ millions) Accumulated other comprehensive income 173 40 Total Best Buy Co., Inc. shareholders' equity 6,602 6,320 690 644 7,292 6,964 $ 17,849 $ 18,302 Noncontrolling interests Total equity Total liabilities and shareholders' equity 2012 Estimated Forecast Best Buy's scal 2012 income statement using the following relations (assume "no change" for accounts not listed). Revenue growth 5% Cost of good sold/Revenue 74.8% Restructuring charges - cost of good sold $-- Selling, general and administrative expenses/Revenue 20.5% Restructuring charges $-- Goodwill and trademark impairment $-- Investment income and other $51 Investment impairment $-- Interest expense $(87) Income tax expense/Pretax income 34.4% Equity in income of aliates $2 Net earnings attributable to noncontrolling interests/Net earnings including noncontrolling interests 6.5% (Round all answers to nearest whole number.) 2012 Income Statement, Fiscal Years Ended ($ millions) Revenue Estimated $ 0 Cost of goods sold 0 Restructuring charges - cost of goods sold 0 Gross prot 0 0 Selling, general and administrative expenses Restructuring charges Support 0 2012 Income Statement, Fiscal Years Ended ($ millions) Estimated Goodwill and tradename impairment 0 Operating income 0 Other income (expenses) Investment income and other 0 Interest expense (income) Use a negative sign with answer. 0 Earnings before income tax expense and equity in income of aliates 0 Income tax expense 0 Equity in income of aliates 0 Net earnings including noncontrolling interests 0 Net (earnings) attributable to noncontrolling interests (use a negative sign with answer) 0 Net earnings attributable to Best Buy Co., Inc. $ 0 Forecast Best Buy's scal 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 2.2% Receivables/Revenue 4.7% Merchandise inventories/Revenue 11.7% Other current assets/Revenue 2.2% CAPEX (Increase in gross Property and equipment)/Revenue 1.5% Goodwill No change Amortization expense for Tradenames $25 Amortization expense for Customer relationships $38 Equity and Other Investments Other Assets/Revenue No change 0.9% Accounts payable/Revenue 9.7% Unredeemed gift card liabilities/Revenue 0.9% Accrued compensation and related expenses/Revenue 1.1% Support Accrued liabilities/Revenue Accrued income taxes/Revenue 2.9%2012 Balance Sheet ($ millions) Long-term liabilities Estimated 0.5% No change Noncontrolling interests * Depreciation/Prior year gross PPE 12.0% Amortization/Prior year intangible asset balance 18.7% Dividends/Net income 18.6% Long-term debt payments required in scal 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 Short-term investments 0 Receivables 0 Merchandise inventories 0 Other current assets 0 Total current assets 0 Property and equipment Gross property and equipment 0 Less accumulated depreciation 0 Net property and equipment 0 Goodwill 0 Tradenames, Net 0 Customer Relationships, Net 0 Equity and Other Investments 0 Other assets 0 Support Balance Sheet 2012 ($ millions) Estimated Total assets $ 0 Liabilities and equity Accounts payable $ 0 Unredeemed gift card liabilities 0 Accrued compensation and related expenses 0 Accrued liabilities 0 Accrued income taxes 0 Short-term debt 0 Current portion of long-term debt 0 Total current liabilities 0 Long-term liabilities 0 Long-term debt 0 Best Buy Co., Inc. Shareholders' Equity Preferred stock, $1.00 par value: Authorized - 400,000 shares; Issued and outstanding - none 0 Common stock, $0.10 par value: Authorized - 1.0 billion shares; Issued and outstanding 0 - 392,590,000 and 418,815,000 shares, respectively Additional paid-in capital 0 Retained earnings 0 Accumulated other comprehensive income 0 Total Best Buy Co., Inc. shareholders' equity 0 Noncontrolling interests 0 Total equity 0 Total liabilities and Equity Check Support $ 0 Support