The following financial data were adapted from the annual report of Best Buy Inc. for the period

Question:

The following financial data were adapted from the annual report of Best Buy Inc. for the period ending February 28, 2004:
_______________________________________________In millions
Accounts payable .............. $ 2,535
Accrued liabilities .............. 1,598
Capital stock ................ 954
Cash .................... 2,600
Cost of goods sold .............. 18,350
Income taxes ................ 496
Interest expense and other items .......... 103
Inventories ................. 2,607
Goodwill and other ....... 514
Other assets .................. 344
Other liabilities ................ 1,097
Property, plant, and equipment ......... 2,244
Receivables .................. 343
Sales ................... 24,547
Selling, general, and administrative expenses .... 4,893

Instructions
1. Prepare Best Buy’s income statement for the year ending February 28, 2004.
2. Prepare Best Buy’s retained earnings statement for the year ending February 28, 2004.
The retained earnings at February 28, 2003, was $1,893. During the year, Best Buy paid dividends of $130.
3. Prepare a as of February 28, 2004, for Best Buy.

Intangible Assets
An intangible asset is a resource controlled by an entity without physical substance. Unlike other assets, an intangible asset has no physical existence and you cannot touch it.Types of Intangible Assets and ExamplesSome examples are patented... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...