mybusinesscourse.com Analyzing, Forecasting, and Interpreting Both Income Statem
ID: 2581994 • Letter: M
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mybusinesscourse.com Analyzing, Forecasting, and Interpreting Both Income Statement and Balance Sheet Following are the income statenents and balance sheets of Best Buy Co, Inc. Income Statement, Feb. 26, 2011 Feb. 27, 2010 50,272 $49,694 37,61137,534 Fiscal Years Ended (S millions) 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 üncome) Earnings before income tax expense and equity in income of affllates Income tax expense Equity in income of affiliates Net earnings including noncontrolling interests Net (earnings) actributable to noncontrolling interests Net eamings attributable to Best Buy Co., Inc 12,160 9,873 52 10.325 198 2.114 2,235 51 (87) 2,078 54 (94) 2.195 802 1,366 $ 1.272$1,317 Balance Sheet s millions) Feb 26, 2011 Feb. 27, 2010 Cash and cash equivalents $ 1103 $1,826 Short-term investrments 90Explanation / Answer
Income Statement
Particulars
Feb, 2012
Revenue
$ 52,534
Cost of Goods sold
$ 39,296
Restructuring Charges
$ -
Gross Profit
$ 13,239
Selling, general, administration charges
$ 10,770
Restructuring Charges
$ -
Goodwill, Trademark impairement
$ -
Operating Income
$ 2,469
Other Income
Investment Income
$ 51
Interest Expense
$ (87)
Earnings before income tax
$ 2,433
Income tax Expense
$ 837
Equity in income of affiliates
$ 2
Net Earnings including noncontrolling interests
$ 1,598
Net Earnings attributable to noncontrolling interests
$ (120)
Net Earnings attributable to Best Buy Inc.
$ 1,478
Balance Sheet
Particulars
Feb, 2012
Assets
Cash & Cash Equivalents
$ 1,583
Short Term Investments
$ 22
Receivables
$ 2,469
Merchandise Inventories
$ 6,147
Other Current Assets
$ 1,156
Total Current Assets
$ 11,376
Property and Equipment
Gross Property and Equipment
$ 8,693
Less : Accumulated Depreciation
$ 4,635
Net Property and Equipment
$ 4,058
Goodwill
$ 2,454
Tradenames, net
$ 108
Customer Relationships, net
$ 165
Equity and Other Investments
$ 328
Other Assets
$ 473
Total Assets
$ 18,962
Liabilities and Equity
Accounts Payable
$ 5,096
Unredeemed gift card liabilities
$ 473
Accrued compensation and related expenses
$ 578
Accrued liabilities
$ 1,523
Accrued income taxes
$ 263
Short-term debt
$ 557
Current portion of long term debt
$ -
Total Current Liabilities
$ 8,490
Long term liabilities
$ 1,183
Long term debt
$ 674
Best Buy co. Inc. Shareholders' Equity
Common Stock
$ 39
Additional Paid in Capital
$ 18
Retained Earnings
$ 7,575
Accumulated Other Comprehensive income
$ 173
Total Best Buy co. Inc. Shareholders' Equity
$ 7,805
Non Controlling Interest
$ 810
Total Equity
$ 8,615
Total Liabilities and Equity
$ 18,962
Income Statement
Particulars
Feb, 2012
Revenue
$ 52,534
Cost of Goods sold
$ 39,296
Restructuring Charges
$ -
Gross Profit
$ 13,239
Selling, general, administration charges
$ 10,770
Restructuring Charges
$ -
Goodwill, Trademark impairement
$ -
Operating Income
$ 2,469
Other Income
Investment Income
$ 51
Interest Expense
$ (87)
Earnings before income tax
$ 2,433
Income tax Expense
$ 837
Equity in income of affiliates
$ 2
Net Earnings including noncontrolling interests
$ 1,598
Net Earnings attributable to noncontrolling interests
$ (120)
Net Earnings attributable to Best Buy Inc.
$ 1,478
Balance Sheet
Particulars
Feb, 2012
Assets
Cash & Cash Equivalents
$ 1,583
Short Term Investments
$ 22
Receivables
$ 2,469
Merchandise Inventories
$ 6,147
Other Current Assets
$ 1,156
Total Current Assets
$ 11,376
Property and Equipment
Gross Property and Equipment
$ 8,693
Less : Accumulated Depreciation
$ 4,635
Net Property and Equipment
$ 4,058
Goodwill
$ 2,454
Tradenames, net
$ 108
Customer Relationships, net
$ 165
Equity and Other Investments
$ 328
Other Assets
$ 473
Total Assets
$ 18,962
Liabilities and Equity
Accounts Payable
$ 5,096
Unredeemed gift card liabilities
$ 473
Accrued compensation and related expenses
$ 578
Accrued liabilities
$ 1,523
Accrued income taxes
$ 263
Short-term debt
$ 557
Current portion of long term debt
$ -
Total Current Liabilities
$ 8,490
Long term liabilities
$ 1,183
Long term debt
$ 674
Best Buy co. Inc. Shareholders' Equity
Common Stock
$ 39
Additional Paid in Capital
$ 18
Retained Earnings
$ 7,575
Accumulated Other Comprehensive income
$ 173
Total Best Buy co. Inc. Shareholders' Equity
$ 7,805
Non Controlling Interest
$ 810
Total Equity
$ 8,615
Total Liabilities and Equity
$ 18,962
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