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.