The following financial data were adapted from the annual report of Best Buy Inc. for the period ending March 31, 2001:
|
In thousands |
|
|
Accounts payable |
$ 1,772,722 |
|
Accrued liabilities |
827,036 |
|
Capital stock |
493,786 |
|
Cash |
746,879 |
|
Cost of goods sold |
12,267,459 |
|
Income taxes |
245,640 |
|
Interest income |
37,171 |
|
Inventories |
1,766,934 |
|
Goodwill |
385,355 |
|
Other assets |
183,370 |
|
Other liabilities |
417,901 |
|
Property, plant, and equipment |
1,444,172 |
|
Receivables |
209,031 |
|
Sales |
15,326,552 |
|
Selling, general, and administrative expenses |
2,454,785 |
Instructions
1. Prepare Best Buy’s income statement for the year ending March 31, 2001.
2. Prepare Best Buy’s retained earnings statement for the year ending March 31,2001.
Note: The Retained Earnings at February 26, 2000, was $828,457. During the year, Best Buy did not pay any dividends.
3. Prepare a balance sheet as of March 31, 2001, for Best Buy.