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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):
Additional data obtained from an examination of the accounts in the ledger for 2020 are as follows:
- The investments were sold for $875 million cash.
- Equipment and land were acquired for cash.
- There were no disposals of equipment during the year.
- The common stock was bought back with cash.
- There was a $89 million credit to Retained Earnings for net income.
- 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
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