Please see attachment. My work so far is partially correct.

QUESTION 1 Partially correct 8.00 points out of 20.00 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 ($ millions) Revenue Feb. 26, 2011 Feb. 27, 2010 $ 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 (income) 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 10,566 766 757 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 Cash and cash equivalents Short-term investments Property and equipment Land and buildings Property under capital lease Total assets Liabilities and Equity Balance Sheet ($ millions) Accounts payable Feb. 26, 2011 Feb. 27, 2010 $ 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 -- -- shares; Issued and outstanding-392,590,000 and 418,815,000 shares, respectively 39 42 Additional paid-in capital 18 441 6,372 5,797 173 40 6,602 6,320 690 644 7,292 6,964 $ 17,849 $ 18,302 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 Retained earnings Accumulated other comprehensive income Total Best Buy Co., Inc. shareholders' equity Noncontrolling interests Total equity Total liabilities and shareholders' equity Forecast Best Buy's scal 2012 income statement using the following relations (assume "no change" for accounts not listed). Revenue growth 6% 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 $2 Net earnings attributable to noncontrolling interests/Net earnings including noncontrolling interests 6.5% (Round all answers to the nearest whole number.) 2012 Estimated Income Statement, Fiscal Years Ended ($ millions) Revenue Cost of goods sold Restructuring charges - cost of goods sold $ 53,288 39,868 0 Gross prot 13,302 Selling, general and administrative expenses 10,821 2012 Estimated Income Statement, Fiscal Years Ended ($ millions) Restructuring charges 0 Goodwill and tradename impairment 0 Operating income 2,481 Other income (expenses) Investment income and other 51 (87) Interest expense (use a negative sign with answer) Earnings before income tax expense and equity in income of aliates 2,445 Income tax expense 841 2 Equity in income of aliates Net earnings including noncontrolling interests 1,606 Net earnings attributable to noncontrolling interests (use a negative sign with answer) (104) Net earnings attributable to Best Buy Co., Inc. $ 1,502 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 Other current assets/Revenue 11.7% 2.2% CAPEX (Increase in gross Property and equipment)/Revenue Goodwill 1.5% No change Amortization expense for Tradenames $25 Amortization expense for Customer relationships $38 Equity and Other Investments No change Other Assets/Revenue 0.9% Accounts payable/Revenue 9.7% Unredeemed gift card liabilities/Revenue 0.9% Accrued compensation and related expenses/Revenue 1.1% Accrued liabilities/Revenue 2.9% Accrued income taxes/Revenue 0.5% Long-term liabilities 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 $ 1,161 Balance Sheet ($ millions) 2012 Estimated Short-term investments 866 Receivables 2,481 Merchandise inventories 6,176 Other current assets 1,161 Total current assets 11,845 Property and equipment Gross property and equipment 8,697 Less accumulated depreciation 5,031 Net property and equipment 3,666 Goodwill 2,454 Tradenames, Net 108 Customer Relationships, Net 165 Equity and Other Investments 328 Other assets 475 Total assets $ 19,041 Liabilities and equity Accounts payable $ 5,120 Balance Sheet ($ millions) 2012 Estimated Unredeemed gift card liabilities 475 Accrued compensation and related expenses 581 Accrued liabilities 1,531 Accrued income taxes 264 Short-term debt 557 Current portion of long-term debt 37 Total current liabilities 8,565 Long-term liabilities 1,183 Long-term debt 674 Best Buy Co., Inc. Shareholders' Equity Preferred stock, $1.00 par value: Authorized - 400,000 shares; Issued and outstanding - none 0 Common stock, $0.10 par value: Authorized - 1.0 billion shares; Issued and outstanding - 392,590,000 and 418,815,000 shares, respectively 39 Additional paid-in capital 18 Retained earnings Accumulated other comprehensive income Total Best Buy Co., Inc. shareholders' equity 7,595 173 7,825 Balance Sheet ($ millions) 2012 Estimated 794 Noncontrolling interests 8,619 Total equity Total liabilities and Equity Save Answers $ 19,041 QUESTION 1 Correct 20.00 points out of 20.00 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 ($ millions) Feb. 26, 2011 Feb. 27, 2010 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 (income) 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) Feb. 26, 2011 Feb. 27, 2010 Assets $ 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 10,566 766 757 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 Cash and cash equivalents Short-term investments Property and equipment Land and buildings Property under capital lease Total assets Liabilities and Equity Accounts payable Accrued liabilities 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 -- -- shares; Issued and outstanding-392,590,000 and 418,815,000 shares, respectively 39 42 Additional paid-in capital 18 441 6,372 5,797 173 40 6,602 6,320 690 644 7,292 6,964 $ 17,849 $ 18,302 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 Retained earnings Accumulated other comprehensive income Total Best Buy Co., Inc. shareholders' equity Noncontrolling interests Total equity Total liabilities and shareholders' equity Forecast Best Buy's scal 2012 income statement using the following relations (assume "no change" for accounts not listed). Revenue growth Cost of good sold/Revenue Restructuring charges - cost of good sold 6% 74.8% $-- 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 $2 Net earnings attributable to noncontrolling interests/Net earnings including noncontrolling interests 6.5% (Round all answers to the nearest whole number.) 2012 Income Statement, Fiscal Years Ended ($ millions) Revenue Cost of goods sold Restructuring charges - cost of goods sold Estimated $ 53,288 39,859 0 Gross prot 13,429 Selling, general and administrative expenses 10,924 Restructuring charges 0 Goodwill and tradename impairment 0 Operating income Other income (expenses) 2,505 2012 Estimated Income Statement, Fiscal Years Ended ($ millions) Investment income and other 51 (87) Interest expense (use a negative sign with answer) Earnings before income tax expense and equity in income of aliates 2,469 Income tax expense 849 2 Equity in income of aliates Net earnings including noncontrolling interests 1,622 Net earnings attributable to noncontrolling interests (use a negative sign with answer) (105) Net earnings attributable to Best Buy Co., Inc. $ 1,517 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 No change Other Assets/Revenue 0.9% Accounts payable/Revenue 9.7% Unredeemed gift card liabilities/Revenue 0.9% Accrued compensation and related expenses/Revenue 1.1% Accrued liabilities/Revenue 2.9% Accrued income taxes/Revenue 0.5% Long-term liabilities 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 $37 *increase by net income attributable to noncontrolling interests and assume no dividends (Round all answers to the nearest whole number.) Balance Sheet ($ millions) 2012 Estimated Assets Cash and cash equivalents Short-term investments $ 1,172 837 Receivables 2,505 Merchandise inventories 6,235 Other current assets 1,172 Balance Sheet ($ millions) 2012 Estimated Total current assets 11,921 Property and equipment Gross property and equipment 8,704 Less accumulated depreciation 5,031 Net property and equipment 3,673 Goodwill 2,454 Tradenames, Net 108 Customer Relationships, Net 165 Equity and Other Investments 328 Other assets 480 Total assets $ 19,129 Liabilities and equity Accounts payable $ 5,169 Unredeemed gift card liabilities 480 Accrued compensation and related expenses 586 Accrued liabilities Accrued income taxes 1,545 266 Balance Sheet ($ millions) 2012 Estimated Short-term debt 557 37 Current portion of long-term debt Total current liabilities 8,640 Long-term liabilities 1,183 Long-term debt 674 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 - 392,590,000 and 418,815,000 shares, respectively 39 Additional paid-in capital 18 Retained earnings 7,607 173 Accumulated other comprehensive income Total Best Buy Co., Inc. shareholders' equity 7,837 795 Noncontrolling interests 8,632 Total equity Total liabilities and Equity $ 19,129 QUESTION 1 Correct 20.00 points out of 20.00 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 ($ millions) Feb. 26, 2011 Feb. 27, 2010 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 (income) 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) Feb. 26, 2011 Feb. 27, 2010 Assets $ 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 10,566 766 757 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 Cash and cash equivalents Short-term investments Property and equipment Land and buildings Property under capital lease Total assets Liabilities and Equity Accounts payable Accrued liabilities 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 -- -- shares; Issued and outstanding-392,590,000 and 418,815,000 shares, respectively 39 42 Additional paid-in capital 18 441 6,372 5,797 173 40 6,602 6,320 690 644 7,292 6,964 $ 17,849 $ 18,302 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 Retained earnings Accumulated other comprehensive income Total Best Buy Co., Inc. shareholders' equity Noncontrolling interests Total equity Total liabilities and shareholders' equity Forecast Best Buy's scal 2012 income statement using the following relations (assume "no change" for accounts not listed). Revenue growth Cost of good sold/Revenue Restructuring charges - cost of good sold 6% 74.8% $-- 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 $2 Net earnings attributable to noncontrolling interests/Net earnings including noncontrolling interests 6.5% (Round all answers to the nearest whole number.) 2012 Income Statement, Fiscal Years Ended ($ millions) Revenue Cost of goods sold Restructuring charges - cost of goods sold Estimated $ 53,288 39,859 0 Gross prot 13,429 Selling, general and administrative expenses 10,924 Restructuring charges 0 Goodwill and tradename impairment 0 Operating income Other income (expenses) 2,505 2012 Estimated Income Statement, Fiscal Years Ended ($ millions) Investment income and other 51 (87) Interest expense (use a negative sign with answer) Earnings before income tax expense and equity in income of aliates 2,469 Income tax expense 849 2 Equity in income of aliates Net earnings including noncontrolling interests 1,622 Net earnings attributable to noncontrolling interests (use a negative sign with answer) (105) Net earnings attributable to Best Buy Co., Inc. $ 1,517 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 No change Other Assets/Revenue 0.9% Accounts payable/Revenue 9.7% Unredeemed gift card liabilities/Revenue 0.9% Accrued compensation and related expenses/Revenue 1.1% Accrued liabilities/Revenue 2.9% Accrued income taxes/Revenue 0.5% Long-term liabilities 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 $37 *increase by net income attributable to noncontrolling interests and assume no dividends (Round all answers to the nearest whole number.) Balance Sheet ($ millions) 2012 Estimated Assets Cash and cash equivalents Short-term investments $ 1,172 837 Receivables 2,505 Merchandise inventories 6,235 Other current assets 1,172 Balance Sheet ($ millions) 2012 Estimated Total current assets 11,921 Property and equipment Gross property and equipment 8,704 Less accumulated depreciation 5,031 Net property and equipment 3,673 Goodwill 2,454 Tradenames, Net 108 Customer Relationships, Net 165 Equity and Other Investments 328 Other assets 480 Total assets $ 19,129 Liabilities and equity Accounts payable $ 5,169 Unredeemed gift card liabilities 480 Accrued compensation and related expenses 586 Accrued liabilities Accrued income taxes 1,545 266 Balance Sheet ($ millions) 2012 Estimated Short-term debt 557 37 Current portion of long-term debt Total current liabilities 8,640 Long-term liabilities 1,183 Long-term debt 674 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 - 392,590,000 and 418,815,000 shares, respectively 39 Additional paid-in capital 18 Retained earnings 7,607 173 Accumulated other comprehensive income Total Best Buy Co., Inc. shareholders' equity 7,837 795 Noncontrolling interests 8,632 Total equity Total liabilities and Equity $ 19,129