Question 10 2.86 pts On the day that Best Buy sold the television, what effect did the sale have on Best Buy's total equity? Your answer should be in dollars. If the effect is positive (negative) enter the answer as a positive (negative) amount. Question 11 2.86 pts Suppose that on July 8, 2022, the customer returns the television to Best Buy. What effect does this have on Best Buy's revenues? Your answer should be in dollars. If the effect is positive (negative) enter the answer as a positive (negative) amount. If the effect is positive (negative) enter the answer as a positive (negative) amount. Question 12 2.86 pts Suppose that on July 8, 2022, the customer returns the television to Best Buy. What effect does this have on Best Buy's cost of sales? Your answer should be in dollars. If the effect is positive (negative) enter the answer as a positive (negative) amount. If the effect is positive (negative) enter the answer as a positive (negative) amount. Question 13 2.86 pts Suppose that on July 8, 2022, the customer returns the television to Best Buy. What effect does this have on Best Buy's total assets? Your answer should be in dollars. If the effect is positive (negative) enter the answer as a positive (negative) amount. If the effect is positive (negative) enter the answer as a positive (negative) amount. Question 14 2.86 pts Suppose that on July 8, 2022, the customer returns the television to Best Buy. What effect does this have on Best Buy's total liabilities? Your answer should be in dollars. If the effect is positive (negative) enter the answer as a positive (negative) amount. If the effect is positive (negative) enter the answer as a positive (negative) amount. Question 15 2.86 pts Suppose that on July 8, 2022, the customer returns the television to Best Buy. What effect does this have on Best Buy's equity? Your answer should be in dollars. If the effect is positive (negative) enter the answer as a positive (negative) amount. If the effect is positive (negative) enter the answer as a positive (negative) amount. Question 16 2.86 pts On the day that Best Buy sold the gift card, what effect did the sale have on Best Buy's revenues? Your answer should be in dollars. If the effect is positive (negative) enter the answer as a positive (negative) amount. Question 17 2.86 pts On the day that Best Buy sold the gift card, what effect did the sale have on Best Buy's assets? Ignore the effect, if any, on cost of sales and inventory. Your answer should be in dollars. If the effect is positive (negative) enter the answer as a positive (negative) amount. Question 18 2.86 pts On the day that Best Buy sold the gift card, what effect did the sale have on Best Buy's liabilities? Your answer should be in dollars. If the effect is positive (negative) enter the answer as a positive (negative) amount. Question 19 2.86 pt On the day that Best Buy sold the gift card, what effect did the sale have on Best Buy's equity? Ignore the effect, if any, on cost of sales and inventory. Your answer should be in dollars. If the effect is positive (negative) enter the answer as a positive (negative) amount. Question 20 2.86 pt On the day the customer's friend redeemed the card, what effect did the redemption have on Best Buy's revenues? Your answer should be in dollars. If the effect is positive (negative) enter the answer as a positive (negative) amount. Question 21 2.86 pts On the day the customer's friend redeemed the card, what effect did the redemption have on Best Buy's assets? Ignore the effect, if any, on cost of sales and inventory. Your answer should be in dollars. If the effect is positive (negative) enter the answer as a positive (negative) amount. Question 22 2.86 pts On the day the customer's friend redeemed the card, what effect did the redemption have on Best Buy's liabilities? Your answer should be in dollars. If the effect is positive (negative) enter the answer as a positive (negative) amount. Question 23 2.86 pts On the day the customer's friend redeemed the card, what effect did the redemption have on Best Buy's equity? Ignore the effect, if any, on cost of sales and inventory. Your answer should be in dollars. If the effect is positive (negative) enter the answer as a positive (negative) amount. Question 24 2.86 pts On January 28, 2023, what is the dollar amount of receivables owed to Best Buy? Your answer should be in millions of dollars. Question 25 2.86 pts On January 28, 2023, what is the dollar amount of receivables that Best Buy expects to collect? Your answer should be in millions of dollars. Question 26 2.86 pts What amount of bad debt expense did Best Buy recognized during the fiscal year that ended on January 28, 2023? Your answer should be in millions of dollars. Inventories: Chevron When answering questions 27 through 29, please: Refer to the excerpt about inventories that is taken from Chevron's 10-K for the fiscal year that ended on December 31, 2022. This except is in the financial statement booklet. Refer to the Excel worksheets named: Chevron Income Statement. Chevron Balance sheet. Chevron Inventory Footnote. Ignore taxes. That is, assume the income tax rate is zero and there are no sales taxes. Show your supporting calculations in the worksheet named Chevron Inventories, which is in the Excel file. This worksheet is blank. You are to enter the relevant data into it, and then use Excel to calculate your answers. Question 27 2.86 pts On December 31, 2022, what was the FIFO cost of Chevron's inventory? Your answer should be in millions dollars. Question 28 2.86 pts For the fiscal year that ended on December 31, 2022, what amount of cost of sales would have Chevron reported if it had used the FIFO cost-flow assumption instead of the LIFO cost-flow assumption. Your answer should be in millions of dollars. Question 29 2.86 pts What effect, if any, did LIFO liquidations have on Chevron's net income for the fiscal year that ended on December 31, 2022? If the effect was positive (negative), enter your answer as a positive (negative) amount. Your answer should be in millions of dollars. Leasing: Multiple Choice When answering questions 30 through 35, you are to select the correct answer to questions about how various key performance indicators (i.e., KPIs) would change if all of a company's leases were accounted for as finance leases. That is, you are to answer whether a particular KPI calculated using pro forma amounts in which we assume the company accounts for all of its leases as finance leases would be higher, lower, or the same as the amount the KPI would equal if we calculated it using the company's reported numbers. When answering these questions, please: Assume that, when preparing its financial statements, the company's managers and auditors classify all of its leases as operating leases. Ignore tax effects. That is, assume there is no effect on tax expense or any other tax-related amounts. Question 30 If all of the company's leases were accounted for as finance leases, then: 2.86 pts The company's NOPAT for the most recent fiscal year would be higher than the amount we would obtain if we used the reported amounts shown on the company's income statement and balance sheet for that same fiscal year. The company's NOPAT for the most recent fiscal year would be lower than the amount we would obtain if we used the reported amounts shown on the company's income statement and balance sheet for that same fiscal year. The company's NOPAT for the most recent fiscal year would be the same as the amount we would obtain we used the reported amounts shown on the company's income statement and balance sheet for that same fiscal year. This question cannot be answered with the information given to me. Question 31 If all of the company's leases were accounted for as finance leases, then: 2.86 pts The company's net financial expense for the most recent fiscal year would be higher than the amount we would obtain if we used the reported amounts shown on the company's income statement for that same fiscal year. The company's net financial expense for the most recent fiscal year would be lower than the amount we would obtain if we used the reported amounts shown on the company's income statement for that same fiscal year. The company's net financial expense for the most recent fiscal year would be the same as the amount we would obtain if we used the reported amounts shown on the company's income statement for that same fiscal year. This question cannot be answered with the information given to me. Question 32 If all of the company's leases were accounted for as finance leases, then: 2.86 pts The company's operating assets at the end of its most recent fiscal year would be higher than the amount we would obtain if we used the reported amounts shown on the company's balance sheet for that same fiscal year. The company's operating assets at the end of its most recent fiscal year would be lower than the amount we would obtain if we used the reported amounts shown on the company's balance sheet for that same fiscal year. The company's operating assets at the end of its most recent fiscal year would be the same as the amount we would obtain if we used the reported amounts shown on the company's balance sheet for that same fiscal year. This question cannot be answered with the information given to me. Question 33 If all of the company's leases were accounted for as finance leases, then: 2.86 pts The company's operating liabilities at the end of the most recent fiscal year would be higher than the amount we would obtain if we used the reported amounts shown on the company's balance sheet for that same fiscal year. The company's operating liabilities at the end of the most recent fiscal year would be lower than the amount we would obtain if we used the reported amounts shown on the company's balance sheet for that same fiscal year. The company's operating liabilities at the end of the most recent fiscal year would be the same as the amount we would obtain if we used the reported amounts shown on the company's balance sheet for that same fiscal year. O This question cannot be answered with the information given to me. Question 34 If all of the company's leases were accounted for as finance leases, then: 2.86 pts The company's financial obligations at the end of its most recent fiscal year would be higher than the amount we would obtain if we used the reported amounts shown on the company's balance sheet for that same fiscal year. The company's financial obligations at the end of its most recent fiscal year would be lower than the amount we would obtain if we used the reported amounts shown on the company's balance sheet for that same fiscal year. The company's financial obligations at the end of its most recent fiscal year would be the same as the amount we would obtain if we used the reported amounts shown on the company's balance sheet for that same fiscal year. This question cannot be answered with the information given to me. Question 35 If all of the company's leases were accounted for as finance leases, then: 2.76 pts O The company's financial assets at the end of its most recent fiscal year would be higher than the amount we would obtain if we used the reported amounts shown on the company's balance sheet for that same fiscal year. The company's financial assets at the end of its most recent fiscal year would be lower than the amount we would obtain if we used the reported amounts shown on the company's balance sheet for that same fiscal year. The company's financial assets at the end of its most recent fiscal year would be the same as the amount we would obtain if we used the reported amounts shown on the company's balance sheet for that same fiscal year. e. This question cannot be answered with the information given to me. When answering questions six through 23, please: Refer to the excerpt about revenue recognition that is taken from Best Buy's 10-K for the fiscal year that ended on January 28, 2023. This except is in the financial statement booklet. Refer to the Excel worksheets named: Best Buy Income Statement. Best Buy Balance Sheet. Ignore taxes. That is, assume the income tax rate is zero and there are no sales taxes. Show your supporting calculations in the worksheet named Best Buy Revenue, which is in the Excel file. This worksheet is blank. You are to enter the relevant data into it, and then use Excel to calculate your answers. When answering questions six through fifteen, assume that on July 1, 2022 a customer purchased a Samsung 50 inch television from Best Buy. The customer paid cash of $350 and took immediate possession of the television. The television had a carrying value of $280. The customer had the right to return the television within 15 days of purchase and Best Buy estimates a return rate of five percent. Question 6 2.86 pts On the day that Best Buy sold the television, what effect did the sale have on Best Buy's revenues? Your answer should be in dollars. If the effect is positive (negative) enter the answer as a positive (negative) amount. Question 7 2.86 pts On the day that Best Buy sold the television, what effect did the sale have on Best Buy's cost of sales? Your answer should be in dollars. If the effect is positive (negative) enter the answer as a positive (negative) amount. Question 8 2.86 pts On the day that Best Buy sold the television, what effect did the sale have on Best Buy's total assets? Your answer should be in dollars. If the effect is positive (negative) enter the answer as a positive (negative) amount. Question 9 2.86 pts On the day that Best Buy sold the television, what effect did the sale have on Best Buy's total liabilities? Your answer should be in dollars. If the effect is positive (negative) enter the answer as a positive (negative) amount. + A Best Buy Co., Inc. B Consolidated Balance Sheets $ millions, except per share amounts January 28, 2023 January 29, 2022 5 Assets Current assets Cash and cash equivalents Receivables, net O Merchandise inventories 1,874 2,936 1,141 1,042 5,140 5,965 0 Other current assets 647 596 1 Total current assets 8,802 10,539 2 Net property and equipment 2,352 2,250 3 Operating lease assets 2,746 2,654 4 Goodwill 1,383 1,384 5 Other assets 520 677 6 Total assets 7 15,803 17,504 8 Liabilities and equity 9 Current liabilities Accounts payable 5,687 6,803 1 Unredeemed gift card liabilities 274 316 2 Deferred revenue 1,116 1,103 3 Accrued compensation and related expenses 405 845 4 Accrued liabilities 843 946 5 Current portion of operating lease liabilities 638 648 6 Current portion of long-term debt 16 13 7 Total current liabilities 8,979 10,674 8 Long-term operating lease liabilities 9 Long-term liabilities 2,164 2,061 705 533 Long-term debt 1 Total liabilities 2 1.160 13.008 1.216 14.484 3 Common stock 22 23 4 Additional paid-in capital 21 0 5 Retained earnings 2,430 2,668 6 Accumulated other comprehensive income 322 329 7 Total equity 2,795 3,020 8 Total liabilities and equity 15,803 17,504 0 1 2 3 4 5 Revenue 6 Cost of sales 7 Gross profit 8 Selling, general and administrative expenses 9 Restructuring charges 10 Operating income 11 Other income (expense): 13 Interest expense Best Buy Co., Inc. Consolidated Income Statements $ millions, except per share amounts Fiscal Years Ended: January 28, 2023 January 29, 2022 January 30, 2021 46,298 51,761 47,262 36,386 40.121 36,689 9,912 11,640 10,573 7,970 8,635 7,928 147 -34 254 1,795 3,039 2,391 12 Investment income and other 28 10 38 -35 -25 -52 14 Earnings before income tax expense and equity in income of affiliates 1,788 3,024 2,377 15 Income tax expense 370 574 579 16 Equity in income of affiliates 1 4 0 1.419 2,454 1,798 17 Net earnings 18 19 Excerpt about revenue recognition taken from Best Buy's 10-K for the fiscal year that ended on January 28, 2023. Revenue Recognition We generate revenue from the sale of products and services. Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the transaction price consideration that we expect to receive in exchange for those goods or services. Our revenue excludes sales and usage-based taxes collected and is reported net of sales refunds, which includes an estimate of future returns and contract cancellations based on historical refund rates, with a corresponding reduction to cost of sales. We defer the revenue associated with any unsatisfied performance obligation until the obligation is satisfied, i.e., when control of a product is transferred to the customer or a service is completed. Best Buy Gift Cards We sell Best Buy gift cards to our customers in our retail stores, online and through select third parties. Our gift cards do not expire. We recognize revenue from gift cards when the card is redeemed by the customer. We also recognize revenue for the portion of gift card values that is not expected to be redeemed (breakage). We estimate breakage based on historical patterns and other factors, such as laws and regulations applicable to each jurisdiction. Gift card breakage income was $59 million, $49 million and $33 million in fiscal 2023, fiscal 2022, and fiscal 2021, respectively. Excerpt about receivables taken from Best Buy's 10-K for the fiscal year that ended on January 28, 2023. Receivables Receivables consist primarily of amounts due from vendors for various vendor funding programs, banks for customer credit card and debit card transactions, online marketplace partnerships and mobile phone network operators for device sales and commissions. Receivables are stated at their carrying values, net of a reserve for expected credit losses, which is primarily based on historical collection trends. Our allowances for uncollectible receivables were $30 million and $39 million as of January 28, 2023, and January 29, 2022, respectively. We had $41 million and $52 million of write-offs in fiscal 2023 and fiscal 2022, respectively. Excerpt about inventories taken from Chevron's 10-K for the fiscal year that ended on December 31, 2022. Inventories Crude oil, products and chemicals inventories are generally stated at cost, using a last-in, first-out method. In the aggregate, these costs are below market. Ancillary information about inventories is provided below. All amounts are in millions of U.S. dollars. (This table is reproduced in the Excel worksheet named Chevron Inventory Footnote.) December December December Fiscal Years Ended: 31, 2022 31, 2021 31, 2020 Excess of FIFO cost over the carrying value (i.e., LIFO cost) of inventories 9,061 5,588 2,749 LIFO profits (losses) on inventory drawdowns included in earnings 122 35 -147 1 2 3 4 5 Assets 6 Cash and cash equivalents 7 Marketable securities Chevron Corporation Consolidated Balance Sheets $ millions, except per share amounts Fiscal Years Ended: December 31, 2022 December 31, 2021 17,678 5,640 223 35 8 Accounts and notes receivable 20,456 18,419 9 Inventories 8,247 6,795 10 Prepaid expenses and other current assets 3,739 2,849 11 Total Current Assets 50,343 33,738 12 Long-term receivables, net 1,069 603 13 Investments and advances 45,238 40,696 14 Properties, plant and equipment, net 143,591 146,961 15 Deferred charges and other assets 12,310 12,384 16 Goodwill 4,722 4,385 17 Assets held for sale 18 Total Assets 19 20 Liabilities and Equity 21 Short-term debt 22 Accounts payable 436 768 257,709 239,535 1,964 256 18,955 16,454 23 Accrued liabilities 7,486 6,972 24 Federal and other taxes on income 4,381 1,700 25 Other taxes payable 1,422 1,409 26 Total Current Liabilities 34,208 26,791 27 Long-term debt 1 21,375 31,113 28 Deferred credits and other noncurrent obligations 20,396 20,778 29 Noncurrent deferred income taxes 17,131 14,665 30 Noncurrent employee benefit plans 4,357 6,248 31 Total Liabilities 97,467 99,595 32 33 Common stock 1,832 1,832 34 Capital in excess of par value 18,660 17,282 35 Retained earnings 190,024 165,546 36 Accumulated other comprehensive losses -2,798 -3,889 37 Deferred compensation and benefit plan trust -240 38 Treasury stock -48,196 -240 -41,464 39 Total Chevron Corporation Stockholders' Equity 40 Noncontrolling interests 159,282 139,067 960 873 41 Total Equity 160,242 139,940 42 43 Total Liabilities and Equity 257,709 239,535 A B C D Sales and other operating revenues Income (loss) from equity affiliates Other income Total Revenues and Other Income Costs and Other Deductions Cost of sales Operating expenses Selling, general and administrative expenses Exploration expenses Depreciation, depletion and amortization Taxes other than on income Interest and debt expense Other components of net periodic benefit costs Total Costs and Other Deductions Chevron Corporation Consolidated Income Statements $ millions, except per share amounts Fiscal Years Ended: December 31, 2022 235,717 December 31, 2021 155,606 December 31, 2020 94,471 8,585 5,657 -472 1,950 1,202 693 246,252 162,465 94,692 145,416 92,249 52,148 24,714 20,726 20,323 4,312 4,014 4,213 974 549 1,537 16,319 17,925 19,508 4,032 3,963 2,839 516 712 697 295 688 880 196,578 140,826 102,145 Income (Loss) Before Income Tax Expense 49,674 21,639 -7,453 Income Tax Expense (Benefit) 14,066 5,950 -1,892 Net Income (Loss) 35,608 15,689 -5,561 Less: Net income (loss) attributable to noncontrolling interests 143 64 -18 Net Income (Loss) Attributable to Chevron Corporation 35,465 15,625 -5,543 , Chevron Corporation Schedule of Ancillary Inventory Information $ millions, except per share amounts Fiscal Years Ended: December 31, 2022 Excess of FIFO cost over the carrying value (i.e., LIFO cost) of inventories LIFO profits (losses) on inventory drawdowns included in earnings 9,061 122 December 31, 2021 December 31, 2020 5,588 2,749 35 -147