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The following financial data were adapted from the annual report of Best Buy Inc. for the period ending February 28, 2009:

  • In Millions
  • Accounts payable $4,997
  • Capital stock 442
  • Cash 498
  • Cost of goods sold 34,017
  • Income tax expense 674
  • Interest expense 94
  • Inventories 4,573
  • Investments 406
  • Goodwill and other intangible assets 2,698
  • Other assets 1,429
  • Other expenses 250
  • Other liabilities 5,673
  • Other revenue (net) 7
  • Property, plant, and equipment 4,174
  • Receivables 1,868
  • Sales 45,015
  • Selling, general, and administrative expenses 8,984

1. Prepare Best Buy's retained earnings statement for the year ending February 28, 2009. (Note: the retained earnings at March 1, 2008 were $3,933. During the year, Best Buy paid dividends of $222.)

2. Prepare a balance sheet as of February 28, 2009 for Best Buy.

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  • Category:- Accounting Basics
  • Reference No.:- M9968728

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