Prepareareport for Best Buy corporation's senior managers to interpret and explain the SEC10K financialreports.The report should be onetotwo fullin pagesi.

The following are concepts you should incorporate for discussion

• Review the financial statements as whole, including the Notes to the Financial Statements to learn more about Best Buy.Discuss types of information contained with and the reason for the incorporation of financial statement footnotes.
• Review the Statement of Comprehensive Income.What items are displayed in Other Comprehensive Income?What is the importance of providing this financial report?
• Does Best Buy own treasury stock (sometimes called "repurchase of stock") in the owners' equity section (Statement of Retained Earnings)? Is this value increasing or decreasing?Consider the journal entry approach to the purchase of treasury stock.Treasury stock is displayed on the retained earnings statement/balance sheet as a negative value in owners' equity.Explain treasury stock, and why treasury stock decreases stockholders equity.Why would a company purchase Treasury Stock?(Hint:Review thewww.principlesofaccounting.comwebsite for Treasury Stock concepts.You can listthe reasons in an enumerated list.)

References

Best Buy SEC 10K Report retrieved from:http://s2.q4cdn.com/785564492/files/doc_downloads/SEC_replacements/Best-Buy-Fiscal-2020-Form-10-K.pdf#page36

Principles of Accounting. Retrieved from:https://www.principlesofaccounting.com