Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The comparative balance sheet of Best Buy for January 31, 2020 and 2019, is shown as follows (values are in millions): Additional data obtained from

The comparative balance sheet of Best Buy for January 31, 2020 and 2019, is shown as follows (values are in millions):

image text in transcribed

Additional data obtained from an examination of the accounts in the ledger for 2020 are as follows:

  1. The investments were sold for $875 million cash.
  2. Equipment and land were acquired for cash.
  3. There were no disposals of equipment during the year.
  4. The common stock was bought back with cash.
  5. There was a $89 million credit to Retained Earnings for net income.
  6. There was a $564 million debit to Retained Earnings for cash dividends declared.

Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities.

Best Buy Comparative Balance Sheet For January 31, 2020 and 2019 $ in millions Jan 31, 2020 Jan 31, 2019 Assets Cash $ 2,229 $ 1,980 Accounts receivable $ 1,149$ 1,015 Inventory $ 5,174 $ 5,409 Investments $ $ 500 Land $ 650 $ 637 Equipment $ 9,228 $ 9,200 Accumulated depreciation - Equipment $ (6,900) $ (6,690) Total assets $ 11,530$ 12,051 $ Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable (operating expenses) Dividends payable Common stock Paid in capital: Excess of issue price over par - common stock Retained earnings Total liabilities and stockholders' equity $ $ $ $ $ 5,288 $ 906 $ 564 $ 26 $ $ 4,746 $ 11,530$ 5,257 982 564 27 5,221 12,051 $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

7th Edition

978-0470477151, 978-0-470-5562, 470556242, 0-470-55624-2, 9780470556245, 978-0470507018

More Books

Students also viewed these Accounting questions