The green check marks would signify correct answers and red x's signify incorrect answers. I tried completing these on my own and my answers were incorrect so I reset all answers to '0' for easier visibility.
I am not looking just for answers but the steps on how to arrive at each answer so I can work through each line on my own.
Following are the income statements and balance sheets of Best Buy Co., Inc. Feb. 26, 2011 Feb. 27, 2010 $50,272 $ 49,694 37,611 37,534 24 12,637 10,325 198 12,160 9,873 52 Income Statement, Fiscal Years Ended ($ millions) Revenue Cost of goods sold Restructuring charges - cost of goods sold Gross profit Selling, general and administrative expenses Restructuring charges Goodwill and tradename impairment Operating income Other income (expenses) Investment income and other Interest expense Earnings before income tax expense and equity in income of affiliates Income tax expense Equity in income of affiliates Net earnings including noncontrolling interests Net (earnings) attributable to noncontrolling interests Net earnings attributable to Best Buy Co., Inc. 2,114 2,235 51 54 (87) 2,078 714 (94) 2,195 802 1,366 (89) 1,394 (77) $ 1,317 $ 1,277 Balance Sheet ($ millions) Feb. 26, 2011 Feb. 27, 2010 Assets Cash and cash equivalents Short-term investments $1,103 22 $1,826 90 Balance Sheet ($ millions) Feb. 26, 2011 Feb. 27, 2010 $ 1,826 90 $ 1,103 22 2,348 5,897 1,103 10,473 2,020 5,486 1,144 10,566 757 2,154 4,447 95 Assets Cash and cash equivalents Short-term investments Receivables Merchandise inventories Other current assets Total current assets Property and equipment Land and buildings Leasehold improvements Fixtures and equipment Property under capital lease Gross property and equipment Less accumulated depreciation Net property and equipment Goodwill Tradenames, Net Customer Relationships, Net Equity and Other Investments Other assets Total assets Liabilities and Equity Accounts payable Unredeemed giftcard liabilities Accrued compensation and related expenses 766 2,318 4,701 120 7,905 4,082 3,823 2,454 133 203 328 435 7,453 3,383 4,070 2,452 159 279 324 452 $ 17,849 $ 18,302 $ 4,894 474 570 $5,276 463 544 544 1,681 316 663 570 1,471 256 557 441 8,663 1,183 711 35 8,978 1,256 1,104 Accrued compensation and related expenses Accrued liabilities Accrued income taxes Short-term debt Current portion of long-term debt Total current liabilities Long-term liabilities Long-term debt Best Buy Co., Inc. Shareholders' Equity Preferred stock, $ 1.00 par value: Authorized-400,000 shares; Issued and outstanding-none Common stock $0.10 par value: Authorized-1.0 billion shares; Issued and outstanding-392,590,000 and 418,815,000 shares, respectively Additional paid-in capital Retained earnings Accumulated other comprehensive income Total Best Buy Co., Inc. shareholders' equity Noncontrolling interests Total equity Total liabilities and shareholders' equity 39 18 6,372 173 6,602 690 7,292 $ 17,849 42 441 5,797 40 6,320 644 6,964 $ 18,302 Forecast Best Buy's fiscal 2012 income statement using the following relations (assume "no change" for accounts not listed). 5.5% 74.8% Revenue growth Cost of good sold/Revenue Restructuring charges - cost of good sold Selling, general and administrative expenses/Revenue 20.5% 0 0 OX Ox Selling, general and administrative expenses Restructuring charges Goodwill and tradename impairment Operating income Other income/expenses Investment income and other Interest expense Earnings before income tax expense and equity in income of affiliates Income tax expense Equity in income of affiliates Net earnings including noncontrolling interests Net earnings attributable to noncontrolling interests Net earnings attributable to Best Buy Co., Inc. 0 x 0x OX OX 0x 0 x Forecast Best Buy's fiscal 2012 balance sheet using the following relations (assume "no ch Short-term investments Receivables/Revenue Merchandise inventories/Revenue Other current assets/Revenue CAPEX (Increase in gross Property and equipment)/Revenue Goodwill Amortization expense for Tradenames Amortization expense for Customer relationships Equity and Other Investments Other Assets/Revenue Accounts payable/Revenue No change 4.7% 11.7% 2.2% 1.5% No change $25 $38 No change 0.9% 9.7% 9.7% 0.9% 1.1% 2.9% 0.5% No change Accounts payable/Revenue Unredeemed gift card liabilities/Revenue Accrued compensation and related expenses/Revenue Accrued liabilities/Revenue Accrued income taxes/Revenue Long-term liabilities Noncontrolling interests Depreciation/Prior year gross PPE Amortization/Prior year intangible asset balance Dividends/Net income Long-term debt payments required in fiscal 2013 *increase by net income attributable to noncontrolling interests and assume no dividends 12.0% 18.7% 18.6% $37 Round all answers to the nearest whole number. Do not use negative signs with your answers in the balance sheet. Balance Sheet ($ millions 2012 Estimated 0 x OX Assets Cash and cash equivalents Short-term investments Receivables Merchandise inventories Other current assets Total current assets Property and equipment Gross property and equipment Less accumulated depreciation 0 x Ox 0 x 0 x Ox 0 x 0x 0x 0x 0x X 0x 0 x 0x 0x OX Less accumulated depreciation Net property and equipment Goodwill Tradenames, Net Customer Relationships, Net Equity and Other Investments Other assets Total assets Liabilities and equity Accounts payable Unredeemed gift card liabilities Accrued compensation and related expenses Accrued liabilities Accrued income taxes Short-term debt Current portion of long-term debt Total current liabilities Long-term liabilities Long-term debt Best Buy Co., Inc. Shareholders' Equity Preferred stock, $1.00 par value: Authorized - 400,000 shares; Issued and outstanding - none Common stock, $0.10 par value: Authorized - 1.0 billion shares; Issued and outstanding-392,590,000 and 418,815,000 shares, respectively Additional paid-in capital Retained earnings Accumulated other comprehensive income Total Best Buy Co., Inc. shareholders' equity Noncontrolling interests Total equity 0x OX 0 x 0X 0x 0 0x 0x Ox 0x 0 x 0x 0x Following are the income statements and balance sheets of Best Buy Co., Inc. Feb. 26, 2011 Feb. 27, 2010 $50,272 $ 49,694 37,611 37,534 24 12,637 10,325 198 12,160 9,873 52 Income Statement, Fiscal Years Ended ($ millions) Revenue Cost of goods sold Restructuring charges - cost of goods sold Gross profit Selling, general and administrative expenses Restructuring charges Goodwill and tradename impairment Operating income Other income (expenses) Investment income and other Interest expense Earnings before income tax expense and equity in income of affiliates Income tax expense Equity in income of affiliates Net earnings including noncontrolling interests Net (earnings) attributable to noncontrolling interests Net earnings attributable to Best Buy Co., Inc. 2,114 2,235 51 54 (87) 2,078 714 (94) 2,195 802 1,366 (89) 1,394 (77) $ 1,317 $ 1,277 Balance Sheet ($ millions) Feb. 26, 2011 Feb. 27, 2010 Assets Cash and cash equivalents Short-term investments $1,103 22 $1,826 90 Balance Sheet ($ millions) Feb. 26, 2011 Feb. 27, 2010 $ 1,826 90 $ 1,103 22 2,348 5,897 1,103 10,473 2,020 5,486 1,144 10,566 757 2,154 4,447 95 Assets Cash and cash equivalents Short-term investments Receivables Merchandise inventories Other current assets Total current assets Property and equipment Land and buildings Leasehold improvements Fixtures and equipment Property under capital lease Gross property and equipment Less accumulated depreciation Net property and equipment Goodwill Tradenames, Net Customer Relationships, Net Equity and Other Investments Other assets Total assets Liabilities and Equity Accounts payable Unredeemed giftcard liabilities Accrued compensation and related expenses 766 2,318 4,701 120 7,905 4,082 3,823 2,454 133 203 328 435 7,453 3,383 4,070 2,452 159 279 324 452 $ 17,849 $ 18,302 $ 4,894 474 570 $5,276 463 544 544 1,681 316 663 570 1,471 256 557 441 8,663 1,183 711 35 8,978 1,256 1,104 Accrued compensation and related expenses Accrued liabilities Accrued income taxes Short-term debt Current portion of long-term debt Total current liabilities Long-term liabilities Long-term debt Best Buy Co., Inc. Shareholders' Equity Preferred stock, $ 1.00 par value: Authorized-400,000 shares; Issued and outstanding-none Common stock $0.10 par value: Authorized-1.0 billion shares; Issued and outstanding-392,590,000 and 418,815,000 shares, respectively Additional paid-in capital Retained earnings Accumulated other comprehensive income Total Best Buy Co., Inc. shareholders' equity Noncontrolling interests Total equity Total liabilities and shareholders' equity 39 18 6,372 173 6,602 690 7,292 $ 17,849 42 441 5,797 40 6,320 644 6,964 $ 18,302 Forecast Best Buy's fiscal 2012 income statement using the following relations (assume "no change" for accounts not listed). 5.5% 74.8% Revenue growth Cost of good sold/Revenue Restructuring charges - cost of good sold Selling, general and administrative expenses/Revenue 20.5% 0 0 OX Ox Selling, general and administrative expenses Restructuring charges Goodwill and tradename impairment Operating income Other income/expenses Investment income and other Interest expense Earnings before income tax expense and equity in income of affiliates Income tax expense Equity in income of affiliates Net earnings including noncontrolling interests Net earnings attributable to noncontrolling interests Net earnings attributable to Best Buy Co., Inc. 0 x 0x OX OX 0x 0 x Forecast Best Buy's fiscal 2012 balance sheet using the following relations (assume "no ch Short-term investments Receivables/Revenue Merchandise inventories/Revenue Other current assets/Revenue CAPEX (Increase in gross Property and equipment)/Revenue Goodwill Amortization expense for Tradenames Amortization expense for Customer relationships Equity and Other Investments Other Assets/Revenue Accounts payable/Revenue No change 4.7% 11.7% 2.2% 1.5% No change $25 $38 No change 0.9% 9.7% 9.7% 0.9% 1.1% 2.9% 0.5% No change Accounts payable/Revenue Unredeemed gift card liabilities/Revenue Accrued compensation and related expenses/Revenue Accrued liabilities/Revenue Accrued income taxes/Revenue Long-term liabilities Noncontrolling interests Depreciation/Prior year gross PPE Amortization/Prior year intangible asset balance Dividends/Net income Long-term debt payments required in fiscal 2013 *increase by net income attributable to noncontrolling interests and assume no dividends 12.0% 18.7% 18.6% $37 Round all answers to the nearest whole number. Do not use negative signs with your answers in the balance sheet. Balance Sheet ($ millions 2012 Estimated 0 x OX Assets Cash and cash equivalents Short-term investments Receivables Merchandise inventories Other current assets Total current assets Property and equipment Gross property and equipment Less accumulated depreciation 0 x Ox 0 x 0 x Ox 0 x 0x 0x 0x 0x X 0x 0 x 0x 0x OX Less accumulated depreciation Net property and equipment Goodwill Tradenames, Net Customer Relationships, Net Equity and Other Investments Other assets Total assets Liabilities and equity Accounts payable Unredeemed gift card liabilities Accrued compensation and related expenses Accrued liabilities Accrued income taxes Short-term debt Current portion of long-term debt Total current liabilities Long-term liabilities Long-term debt Best Buy Co., Inc. Shareholders' Equity Preferred stock, $1.00 par value: Authorized - 400,000 shares; Issued and outstanding - none Common stock, $0.10 par value: Authorized - 1.0 billion shares; Issued and outstanding-392,590,000 and 418,815,000 shares, respectively Additional paid-in capital Retained earnings Accumulated other comprehensive income Total Best Buy Co., Inc. shareholders' equity Noncontrolling interests Total equity 0x OX 0 x 0X 0x 0 0x 0x Ox 0x 0 x 0x 0x
