Question
Presenting an Income Statement and Computing Key Ratios Best Buy Co., Inc., reported the following amounts in its February 1, 2014, and February 2, 2013,
Presenting an Income Statement and Computing Key Ratios Best Buy Co., Inc., reported the following amounts in its February 1, 2014, and February 2, 2013, financial statements.
($ millions) | 2014 | 2013 |
---|---|---|
Sales revenue | $42,410 | $39,827 |
Cost of sales | 32,720 | 30,528 |
Net income (loss) | 523 | (420) |
Total assets | 14,013 | 16,787 |
Stockholders' equity | 3,989 | 3,715 |
Required
a. Prepare an income statement for Best Buy for the year ended February 1, 2014, using the format illustrated in Exhibit 1.8.
BEST BUY CO., INC. Income Statement ($ millions) AnswerFor Year Ended February 1, 2014February 1, 2014 | |
---|---|
AnswerSales revenueCost of salesOther operating expensesTotal assetsStockholders' equityOther liabilitiesGross profitNet income | $Answer |
AnswerSales revenueCost of salesOther operating expensesTotal assetsStockholders' equityOther liabilitiesGross profitNet income | Answer |
AnswerSales revenueCost of salesOther operating expensesTotal assetsStockholders' equityOther liabilitiesGross profitNet income | Answer |
AnswerSales revenueCost of salesOther operating expensesTotal assetsStockholders' equityOther liabilitiesGross profitNet income | Answer |
AnswerSales revenueCost of salesOther operating expensesTotal assetsStockholders' equityOther liabilitiesGross profitNet income | $Answer |
b. Calculate Best Buy's return on equity for the year ended February 1, 2014.
(Round your answer to one decimal place. Ex: 0.0345 = 3.5%.) Answer% c. Compute Best Buy's debt-to-equity ratio as of February 1, 2014. (Round your answer to one decimal place.) Answer
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