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Dashboard ACCT551:001/1WW-Accounting for Managers Module 11 Module 11 Extra Credit Support Income Statement, Balance Sheet QUESTION 1 Tries remaining: 1 Fiscal Years Ended ($ millions) ($ millions) Points out of 10.00 2012 Feb. 26, 2012 Estimated Feb. 26, 2011 Estimated 2011 Forecasting the Statement of Cash Flows Following are the income statements and balance sheets of Best Buy Co., Inc. Income Statement, Fiscal Years Ended ($ millions) Revenue 2012 Feb. 26, Estimated 2011 $52,786 $50,272 Cost of goods sold 39,484 37,611 -- 24 Gross prot 13,302 12,637 Selling, general and administrative expenses 10,821 10,325 Restructuring charges -- 198 Goodwill and tradename impairment -- -- 2,481 2,114 51 51 (87) (87) 2,445 2,078 841 714 2 2 Net earnings including noncontrolling interests 1,606 1,366 Net earnings attributable to noncontrolling interests (104) (89) $1,502 $1,277 Restructuring charges - cost of goods sold Operating income Other income (expenses) Investment income and other Interest expense Earnings before income tax expense and equity in income of aliates Income tax expense Equity in income of aliates Net earnings attributable to Best Buy Co., Inc. Balance Sheet ($ millions) Assets 2012 Feb. 26, Estimated 2011 $1,161 $1,103 866 22 Receivables 2,481 2,348 Merchandise inventories 6,176 5,897 Other current assets 1,161 1,103 Total current assets 11,845 10,473 Cash and cash equivalents Short-term investments Support Balance Sheet ($ millions) 2012 Feb. 26, Estimated 2011 Gross property and equipment 8,697 7,905 Less accumulated depreciation 5,031 4,082 Net property and equipment 3,666 3,823 Goodwill 2,454 2,454 Tradenames, Net 108 133 Customer Relationships, Net 165 203 Equity and Other Investments 328 328 Other assets 475 435 Total assets Liabilities and Equity $ 19,041 $ 17,849 $ 5,120 $ 4,894 Unredeemed giftcard liabilities 475 474 Accrued compensation and related expenses 581 570 1,531 1,471 Accrued income taxes 264 256 Short-term debt 557 557 37 441 Total current liabilities 8,565 8,663 Long-term liabilities 1,183 1,183 674 711 -- -- 39 39 18 18 7,595 6,372 Accumulated other comprehensive income 173 173 Total Best Buy Co., Inc. shareholders' equity 7,825 6,602 794 690 Accounts payable Accrued liabilities Current portion of long-term debt 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 $0.10 par value: Authorized-1.0 billion shares; Issued and outstanding-392,590,000 and 418,815,000 shares, respectively Additional paid-in capital Retained earnings Noncontrolling interests Support Best Buy Forcasted Statement of Cash Flows 2012 Balance Sheet Feb. 26, Estimated 2011 2012 Estimated ($ millions) ($ millions) 8,619 7,292 $19,041 $17,849 Total equity Total liabilities and shareholders' equity CAPEX (Increase in gross Property and equipment)/Net sales 1.50% Depreciation expense/Prior year gross PPE 12.00% Dividends/Net income 18.60% Long-term debt payments required in scal 2013 $37 Refer to the nancial information above for Best Buy Co., Inc. Prepare a forecast of its nancial year 2012 statement of cash ows. (Hint: Use net income including noncontrolling interests to begin the statement of cash ows. Use negative signs in answers when appropriate.) Round all answers to the nearest whole number. Use negative signs with answers, when appropriate. Best Buy Forcasted Statement of Cash Flows ($ millions) 2012 Estimated Net income including noncontrolling interests $ Add: depreciation Add: amortization Change in Accounts receivable Change in Inventories Change in Other current assets Change in Other long-term assets Change in Accounts payable Change in Unredeemed gift card liabilities Change in Accrued compensation and related expenses Change in Accrued liabilities Change in Accrued income taxes Net cash from operating activities Support Best Buy Forcasted Statement of Cash Flows ($ millions) 2012 Estimated Capital expenditures Increase in Short-term investments Net cash from investing activities Dividends Payments of LT debt Net cash from nancing activities Net change in cash Beginning cash Ending cash $ Check If you plan on closing your assignment before submitting it, please click the "Save Answers" button below. Save Answers Support