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Forecast the Income Statement, Balance Sheet, and Statement of Cash Flows Following are fiscal year financial statements of Costco. COSTCO WHOLESALE CORP Consolidated Balance Sheets In millions, except par value Sep. 1, 2019 Sep. 2, 2018 Current Assets \begin{tabular}{|l|r|r|} \hline Cash and cash equivalents & $9,221 & $6,660 \\ \hline Short-term investments & 1,166 & 1,324 \\ \hline Receivables, net & 1,689 & 1,836 \\ \hline Merchandise inventories & 12,535 & 12,144 \\ \hline Other current assets & 1,222 & 353 \\ \hline Total current assets & 25,833 & 22,317 \\ \hline Property and Equipment & & \\ \hline Land & 7,059 & 6,812 \\ \hline Buildings and improvements & 18,850 & 17,718 \\ \hline Equipment and fixtures & 8,581 & 8,001 \\ \hline Construction in progress & 1,399 & 1,254 \\ \hline Gross property and equipment & 35,889 & 33,785 \\ \hline Less accumulated depreciation and amortization & (12,910) & (12,136) \\ \hline Net property and equipment & 22,979 & 21,649 \\ \hline Other assets & 1,128 & 946 \\ \hline Total assets & $49,940 & $44,912 \\ \hline Current Liabilities & & \\ \hline Accounts payable & 1,298 & 1,163 \\ \hline Accrued salaries and benefits & 1887 & 1786 \\ \hline Accrued member rewards & 3,494 & 3,293 \\ \hline Deferred memhershin fees & & $12,361 \\ \hline \hline \end{tabular} *no shares issued and outstanding ** 483,587,500 and 482,007,900 shares issued and outstanding Forecast Costco's income statement, balance sheet, and statement of cash flows for the year ended September 1, 2020. Combine all property and equipment accounts into Net property and equipment. Forecasts assumptions Forecast Net sales and Membership fees using their respective historical growth rates (2018 to 2019). Forecast the following as a percentage of Net sales: - Merchandise costs - Receivables, net - Merchandise inventories - Accounts payable - Accrued member rewards Forecast income tax as 23% of pretax income Forecast Deferred membership fees as a percentage of Membership fees. Assume no change in the balance of the following: - Preopening expenses - Interest expense - Interest income - Net income attributable to noncontrolling interest - Interest expense - Interest income - Net income attributable to noncontrolling interest - Short-term investments - Preferred stock - Common stock - Accumulated other comprehensive loss Debt maturing in fiscal 2020 and 2021 is $1,869 million and $1,203 million, respectively. The company anticipates repurchasing $275 million in common stock in fiscal 2020. The 2019 statement of cash flows reports the following: - Depreciation expense of $1,641 million - Dividends of $1,142 million (to forecast 2020 dividends, use the 2019 dividend payout ratio as a percentage of net income attributable to Costco shareholders) - Stock-based compensation (a noncash expense that is included in SG\&A expense and is added to Additional paid-in capital) of $655 million - CAPEX of $3,298 million Forecast all other items as a percentage of total revenues. Note: Round historical rates used in calculations to three decimal places. For example, assume that Actual Merchandise inventories divided Actual Net sales equals 0.076297. This factor should be rounded to 7.6% before computing your forecasted amount for Merchandise inventories. Note: Round your final answers below to the nearest whole dollar. Balance Sheet Sep. 01, 2020 COSTCO WHOLESALE CORP Forecasted Statement of Cash Flow For the year ended Sep. 01, 2020 \$ millions Forecast Net income including noncontrolling interests $ Add: Depreciation Add: Stock-based compensation Receivables, net Merchandise inventories Other current assets Other assets Accounts payable Accrued salaries and benefits Accrued member rewards Deferred membership fees Other current liabilities Other liabilities Net cash from operating activities Capital Expenditures Net cash from investing activities Dividends Change in current maturities of L-T debt Change in L-T Debt Stock repurchases Net cash from financing activities Net change in cash Beginning cash Ending cash Forecast the Income Statement, Balance Sheet, and Statement of Cash Flows Following are fiscal year financial statements of Costco. COSTCO WHOLESALE CORP Consolidated Balance Sheets In millions, except par value Sep. 1, 2019 Sep. 2, 2018 Current Assets \begin{tabular}{|l|r|r|} \hline Cash and cash equivalents & $9,221 & $6,660 \\ \hline Short-term investments & 1,166 & 1,324 \\ \hline Receivables, net & 1,689 & 1,836 \\ \hline Merchandise inventories & 12,535 & 12,144 \\ \hline Other current assets & 1,222 & 353 \\ \hline Total current assets & 25,833 & 22,317 \\ \hline Property and Equipment & & \\ \hline Land & 7,059 & 6,812 \\ \hline Buildings and improvements & 18,850 & 17,718 \\ \hline Equipment and fixtures & 8,581 & 8,001 \\ \hline Construction in progress & 1,399 & 1,254 \\ \hline Gross property and equipment & 35,889 & 33,785 \\ \hline Less accumulated depreciation and amortization & (12,910) & (12,136) \\ \hline Net property and equipment & 22,979 & 21,649 \\ \hline Other assets & 1,128 & 946 \\ \hline Total assets & $49,940 & $44,912 \\ \hline Current Liabilities & & \\ \hline Accounts payable & 1,298 & 1,163 \\ \hline Accrued salaries and benefits & 1887 & 1786 \\ \hline Accrued member rewards & 3,494 & 3,293 \\ \hline Deferred memhershin fees & & $12,361 \\ \hline \hline \end{tabular} *no shares issued and outstanding ** 483,587,500 and 482,007,900 shares issued and outstanding Forecast Costco's income statement, balance sheet, and statement of cash flows for the year ended September 1, 2020. Combine all property and equipment accounts into Net property and equipment. Forecasts assumptions Forecast Net sales and Membership fees using their respective historical growth rates (2018 to 2019). Forecast the following as a percentage of Net sales: - Merchandise costs - Receivables, net - Merchandise inventories - Accounts payable - Accrued member rewards Forecast income tax as 23% of pretax income Forecast Deferred membership fees as a percentage of Membership fees. Assume no change in the balance of the following: - Preopening expenses - Interest expense - Interest income - Net income attributable to noncontrolling interest - Interest expense - Interest income - Net income attributable to noncontrolling interest - Short-term investments - Preferred stock - Common stock - Accumulated other comprehensive loss Debt maturing in fiscal 2020 and 2021 is $1,869 million and $1,203 million, respectively. The company anticipates repurchasing $275 million in common stock in fiscal 2020. The 2019 statement of cash flows reports the following: - Depreciation expense of $1,641 million - Dividends of $1,142 million (to forecast 2020 dividends, use the 2019 dividend payout ratio as a percentage of net income attributable to Costco shareholders) - Stock-based compensation (a noncash expense that is included in SG\&A expense and is added to Additional paid-in capital) of $655 million - CAPEX of $3,298 million Forecast all other items as a percentage of total revenues. Note: Round historical rates used in calculations to three decimal places. For example, assume that Actual Merchandise inventories divided Actual Net sales equals 0.076297. This factor should be rounded to 7.6% before computing your forecasted amount for Merchandise inventories. Note: Round your final answers below to the nearest whole dollar. Balance Sheet Sep. 01, 2020 COSTCO WHOLESALE CORP Forecasted Statement of Cash Flow For the year ended Sep. 01, 2020 \$ millions Forecast Net income including noncontrolling interests $ Add: Depreciation Add: Stock-based compensation Receivables, net Merchandise inventories Other current assets Other assets Accounts payable Accrued salaries and benefits Accrued member rewards Deferred membership fees Other current liabilities Other liabilities Net cash from operating activities Capital Expenditures Net cash from investing activities Dividends Change in current maturities of L-T debt Change in L-T Debt Stock repurchases Net cash from financing activities Net change in cash Beginning cash Ending cash