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Dashboard ACCT551:001/1WW-Accounting for Managers Module 4 Module 4 Exercises and Problems Started on Thursday, September 29, 2016, 10:30 AM State Finished Completed on Thursday, September 29, 2016, 10:31 AM Time taken 44 secs Grade 0.00 out of 20.00 (0%) Support QUESTION 1 Balance Statements of Earnings Incorrect Consolidated 0.00 points Consolidated out of 6.00Sheets February 27, February February 28, 27, February 28, Analysis ($ and Interpretation of Ended Protability millions, For Fiscal exceptYears footnotes) ($ millions) 2010 20092010 Balance sheets and income statements for Best Buy Co., Inc. follow. March 1, 2008 2009 Consolidated Statements of Earnings For Fiscal Years Ended ($ millions) February 27, February 28, 2010 2009 Revenue Cost of goods sold $ 49,694 $ 45,015 $ 40,023 37,534 34,017 30,477 -- -- -- 12,160 10,998 9,546 9,873 8,984 7,385 52 78 -- -- 66 -- 2,235 1,870 2,161 54 35 129 -- (111) -- (94) (94) (62) 2,195 1,700 2,228 802 674 815 1 7 (3) 1,394 1,033 1,410 (77) (30) (3) $ 1,317 $ 1,003 $ 1,407 Restructuring charges - cost of goods sold Gross Prot Selling, general and administrative expenses Restructuring charges Goodwill and tradename impairment Operating income Other income (expense) Investment income and other Investment impairment 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 interest Net income attributable to noncontrolling interest Net income attributable to Best Buy Co., Inc. Consolidated Balance Sheets ($ millions, except footnotes) February 27, February 28, 2010 2009 Assets Current assets $ 1,826 $ 498 90 11 2,020 1,868 Cash and cash equivalents Short-term investments Receivables Support March 1, 2008 Consolidated Balance Sheets ($ millions, except footnotes) February 27, February 28, 2010 2009 Merchandise inventories 5,486 4,753 Other current assets 1,144 1,062 Total current assets 10,566 8,192 757 755 Leasehold improvements 2,154 2,013 Fixtures and equipment 4,447 4,060 95 112 7,453 6,940 Less: Accumulated depreciation 3,383 2,766 Property and equipment, net 4,070 4,174 Goodwill 2,452 2,203 Tradenames, net 159 173 Customer relationships, net 279 322 Equity and other investments 324 395 Other noncurrent assets 452 367 $ 18,302 $ 15,826 Liabilities and equity Current liabilities Accounts payable $ 5,276 $ 4,997 Unredeemed gift card liabilities 463 479 Accrued compensation and related expenses 544 459 1,681 1,382 Accrued income taxes 316 281 Short-term debt 663 783 35 54 Total current liabilities 8,978 8,435 Long-term liabilities 1,256 1,109 Long-term debt 1,104 1,126 Property and equipment Land and buildings Property under capital lease Total assets Accrued liabilities Current portion of long-term debt Equity Support Consolidated Balance Sheets ($ millions, except footnotes) Best Buy Co., Inc. Shareholders' equity February 27, February 28, 2010 2009 Preferred stock, $1.00 par value -- -- Common stock, $0.10 par value 42 41 441 205 5,797 4,714 40 (317) 6,320 4,643 644 513 6,964 5,156 $ 18,302 $ 15,826 Additional paid-in capital Retained earnings Accumulated other comprehensive income (loss) Total Best Buy Co., Inc. shareholders' equity Noncontrolling interest Total equity Total liabilities and equity (a) Compute Best Buy's current ratio and quick ratio for 2010 and 2009. (Round your answers to two decimal places.) 2010 current ratio = 0 2009 current ratio = 0 2010 quick ratio = 0 2009 quick ratio = 0 (b) Compute Best Buy's times interest earned and liabilities-to equity ratios for 2010 and 2009. HINT: Include equity income of aliates and investment impairment in your times interest earned calculations. (Round your answers to two decimal places.) 2010 times interest earned = 0 2009 times interest earned = 0 2010 liabilities-to-equity = 0 2009 liabilities-to-equity = 0 Comment on any observed trends. Which of the following statements best describes any trend in Best Buy's liabilities-to-equity ratios? Best Buy's liabilities-to-equity ratio remained constant. Support Although Best Buy's liabilities-to-equity ratio decreased in 2010, we have no concerns about Best Buy's ability to meet its debt obligations. Best Buy's liabilities-to-equity ratio increased during the year primarily due to a decrease in its equity. Best Buy's liabilities-to-equity ratio decreased due to a decrease in its equity. Check Support QUESTION 2 Statements Balance of Income Sheets IncorrectConsolidated 0.00Consolidated points out of 14.00 Years ended December($ 31millions) ($ millions) 2010 2009 2008 2010 2009 2008 Analysis and Interpretation of Protability Balance sheets and income statements for 3M Company follow. 2009 Consolidated Statements of Income Years ended December 31 ($ millions) Net sales 2010 $26,662 $23,123 $25,269 Operating expenses 13,831 12,109 13,379 Selling, general and administrative expenses 5,479 4,907 5,245 Research, development and related expenses 1,434 1,293 1,404 -- -- 23 20,744 18,309 20,051 5,918 4,814 5,218 Interest expense 201 219 215 Interest income (38) (37) (105) Total interest expense 163 182 110 Income before income taxes 5,755 4,632 5,108 Provision for income taxes 1,592 1,388 1,588 Net income including noncontrolling interest 4,163 3,244 3,520 78 51 60 $ 4,085 $ 3,193 $ 3,460 Cost of sales Loss/(gain) from sale of business Total operating expenses Operating income Interest expenses and income Less: Net income attributable to noncontrolling interest Net income Consolidated Balance Sheets ($ millions) 2010 2009 Assets Current Assets $ 3,377 $ 3,040 Marketable securities-current 1,101 744 Accounts receivable-net 3,615 3,250 1,476 1,255 950 815 Cash and cash equivalents Inventories Finished goods Work in process Support 729 569 2010 3,155 2009 2,639 967 1,122 12,215 10,795 Marketable securities-noncurrent 540 825 Investments 146 103 Property, plant and equipment 20,253 19,440 Less: Accumulated depreciation (12,974) (12,440) Property, plant and equipment-net 7,279 7,000 Goodwill 6,820 5,832 Intangible assets-net 1,820 1,342 74 78 1,262 1,275 Raw materials and supplies Total inventories Consolidated Balance Sheets ($ millions) Other current assets Total current assets Prepaid pension benets Other assets Total assets $ 30,156 $ 27,250 Liabilities Current liabilities $ 1,269 $ 613 1,662 1,453 Accrued payroll 778 680 Accrued income taxes 358 252 Other current liabilities 2,022 1,899 Total current liabilities 6,089 4,897 Long-term debt 4,183 5,097 Pension and postretirement benets 2,013 2,227 Other liabilities 1,854 1,727 Total liabilities 14,139 13,948 9 9 3,468 3,153 25,995 23,753 (10,266) (10,397) (3,543) (3,754) Short-term borrowings and current portion of long-term debt Accounts payable Equity 3M Company shareholders' equity: Common stock, par value $.01 per share; Additional paid-in capital Retained earnings Treasury stock Accumulated other comprehensive income (loss) Support Consolidated Balance Sheets ($ millions) Total 3M Company shareholders' equity Noncontrolling interest Total equity Total liabilities and equity 2010 2009 15,663 12,764 354 538 16,017 13,302 $ 30,156 $ 27,250 (a) Compute net operating prot after tax (NOPAT) for 2010. Assume that the combined federal and statutory rate is: 37.0% (Round your answer to the nearest whole number.) 2010 NOPAT = 0 ($ millions) (b) Compute net operating assets (NOA) for 2010 and 2009. Treat noncurrent Investments as a nonoperating item. 2010 NOA = 0 ($ millions) 2009 NOA = 0 ($ millions) (c) Compute 3M's RNOA, net operating prot margin (NOPM) and net operating asset turnover (NOAT) for 2010. (Round your answers to two decimal places. Do not round until your nal answer. Do not use NOPM x NOAT to calculate RNOA.) 2010 RNOA = 0 2010 NOPM = 0 % % 2010 NOAT = 0 (d) Compute net nonoperating obligations (NNO) for 2010 and 2009. 2010 NNO = 0 ($ millions) 2009 NNO = 0 ($ millions) (e) Compute return on equity (ROE) for 2010. (Round your answers to two decimal places. Do not round until your nal answer.) 2010 ROE = 0 % (f) What is the nonoperating return component of ROE for 2010? (Round your answers to two decimal places.) 2010 nonoperating return = 0 Support % (g) Which of the following statements reects the best inference we can draw from the dierence between 3M's ROE and RNOA? ROE > RNOA implies that 3M has taken on too much nancial leverage. ROE > RNOA implies that 3M is able to borrow money to fund operating assets that yield a return greater than its cost of debt. ROE > RNOA implies that 3M's equity has grown faster than its NOA. ROE > RNOA implies that 3M has increased its nancial leverage during the period. Check Support Dashboard ACCT551:001/1WW-Accounting for Managers Module 4 Module 4 Exercises and Problems Support QUESTION 2 Statements Balance of Income Sheets IncorrectConsolidated 0.00Consolidated points out of 14.00 Years ended December($ 31millions) ($ millions) 2010 2009 2008 2010 2009 2008 Analysis and Interpretation of Protability Balance sheets and income statements for 3M Company follow. 2009 Consolidated Statements of Income Years ended December 31 ($ millions) Net sales 2010 $26,662 $23,123 $25,269 Operating expenses 13,831 12,109 13,379 Selling, general and administrative expenses 5,479 4,907 5,245 Research, development and related expenses 1,434 1,293 1,404 -- -- 23 20,744 18,309 20,051 5,918 4,814 5,218 Interest expense 201 219 215 Interest income (38) (37) (105) Total interest expense 163 182 110 Income before income taxes 5,755 4,632 5,108 Provision for income taxes 1,592 1,388 1,588 Net income including noncontrolling interest 4,163 3,244 3,520 78 51 60 $ 4,085 $ 3,193 $ 3,460 Cost of sales Loss/(gain) from sale of business Total operating expenses Operating income Interest expenses and income Less: Net income attributable to noncontrolling interest Net income Consolidated Balance Sheets ($ millions) 2010 2009 Assets Current Assets $ 3,377 $ 3,040 Marketable securities-current 1,101 744 Accounts receivable-net 3,615 3,250 1,476 1,255 950 815 Cash and cash equivalents Inventories Finished goods Support Work in process 729 569 2010 3,155 2009 2,639 967 1,122 12,215 10,795 Marketable securities-noncurrent 540 825 Investments 146 103 Property, plant and equipment 20,253 19,440 Less: Accumulated depreciation (12,974) (12,440) Property, plant and equipment-net 7,279 7,000 Goodwill 6,820 5,832 Intangible assets-net 1,820 1,342 74 78 1,262 1,275 Raw materials and supplies Total inventories Consolidated Balance Sheets ($ millions) Other current assets Total current assets Prepaid pension benets Other assets Total assets $ 30,156 $ 27,250 Liabilities Current liabilities $ 1,269 $ 613 1,662 1,453 Accrued payroll 778 680 Accrued income taxes 358 252 Other current liabilities 2,022 1,899 Total current liabilities 6,089 4,897 Long-term debt 4,183 5,097 Pension and postretirement benets 2,013 2,227 Other liabilities 1,854 1,727 Total liabilities 14,139 13,948 9 9 3,468 3,153 25,995 23,753 (10,266) (10,397) (3,543) (3,754) Short-term borrowings and current portion of long-term debt Accounts payable Equity 3M Company shareholders' equity: Common stock, par value $.01 per share; Additional paid-in capital Retained earnings Treasury stock Accumulated other comprehensive income (loss) Support Consolidated Balance Sheets ($ millions) Total 3M Company shareholders' equity Noncontrolling interest Total equity Total liabilities and equity 2010 2009 15,663 12,764 354 538 16,017 13,302 $ 30,156 $ 27,250 (a) Compute net operating prot after tax (NOPAT) for 2010. Assume that the combined federal and statutory rate is: 37.0% (Round your answer to the nearest whole number.) 2010 NOPAT = 528 ($ millions) (b) Compute net operating assets (NOA) for 2010 and 2009. Treat noncurrent Investments as a nonoperating item. 2010 NOA = 3,390 ($ millions) 2009 NOA = 3,651 ($ millions) (c) Compute 3M's RNOA, net operating prot margin (NOPM) and net operating asset turnover (NOAT) for 2010. (Round your answers to two decimal places. Do not round until your nal answer. Do not use NOPM x NOAT to calculate RNOA.) 2010 RNOA = 15 % 2010 NOPM = 6.12 % 2010 NOAT = 2.45 (d) Compute net nonoperating obligations (NNO) for 2010 and 2009. 2010 NNO = 1,818 ($ millions) 2009 NNO = 2,441 ($ millions) (e) Compute return on equity (ROE) for 2010. (Round your answers to two decimal places. Do not round until your nal answer.) 2010 ROE = 31.7 % (f) What is the nonoperating return component of ROE for 2010? (Round your answers to two decimal places.) 2010 nonoperating return = 16.7 Support % (g) Which of the following statements reects the best inference we can draw from the dierence between 3M's ROE and RNOA? ROE > RNOA implies that 3M has taken on too much nancial leverage. ROE > RNOA implies that 3M is able to borrow money to fund operating assets that yield a return greater than its cost of debt. ROE > RNOA implies that 3M's equity has grown faster than its NOA. ROE > RNOA implies that 3M has increased its nancial leverage during the period. Check If you plan on closing your assignment before submitting it, please click the "Save Answers" button below. Save Answers Support