11-8 Fall Mid-term - Mid-term Exam Ram T. S. Ramakrishnan...

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Fall Mid-term Exam Ram T. S. Ramakrishnan Monday 2301, University Hall, 312 996-3270 http://www.uic.edu/classes/actg/actg516rtr/ rramakri@uic.edu Open Book and Notes Show all your work in the answer sheets. You will not get credit for a right answer unless you show all the steps in these sheets. As a courtesy to fellow test takers, please turnoff all phones and tablets. Points Pages Time Best Buy 14 Question 1 40 2 40 3 or 4 40 Best Buy gets Squeezed 5 30 Total 19 120 email UIN Signature First name Last name 17-Oct-11
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BestBuy 1 BestBuy 1 Best Buy Co., Inc Form 10-K for the Fiscal Year Ended February 26, 2011 We were incorporated in the state of Minnesota in 1966 as Sound of Music, Inc. We began as an audio components retailer and, withthe introduction of the videocassette recorder in the early 1980s, expanded into video products. in 1983, we changed our name to Best Buy Co., Inc. and began using mass-merchandising techniques, which included offering a wider variety of products and operating stores under a ‘‘superstore’’ concept. in 1989, we dramatically changed our method of retailing by introducing a self-service, noncommissioned, discount-style store concept designed to give the customer a variety of brands and more control over the purchasing process. 111101 Other Information $ in millions, except per share amounts Capitalized interest for year ending Feb 26, 2011 12 Depreciation for year ending Feb 26, 2011 896 Best Buy Co., Inc Consolidated Statements of Earnings $ in millions, except per share amounts Fiscal Years Ended Feb 26, 11 Feb 27, 10 Feb 27, 09 Revenue 50,272 49,694 45,015 Cost of goods sold 37,611 37,534 34,017 Restructuring charges — cost of goods sold 24 Gross profit 12,637 12,160 10,998 Selling, general and administrative expenses 10,325 9,873 8,984 Restructuring charges 198 52 78 Goodwill and tradename impairment 66 Operating income 2,114 2,235 1,870 Other income (expense) Investment income and other 51 54 35 Investment impairment (111) Interest expense (87) (94) (94) Earnings before income tax expense and equity in income of affiliates 2,078 2,195 1,700 Income tax expense 714 802 674 Equity in income of affiliates 2 1 7 Net earnings including noncontrolling interests 1,366 1,394 1,033 Net earnings attributable to noncontrolling interests (89) (77) (30) Net earnings attributable to Best Buy Co., Inc. 1,277 1,317 1,003 Earnings per share attributable to Best Buy Co., Inc. Basic 3.14 $ Diluted 3.08 $
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BestBuy 2 BestBuy 2 Best Buy Co., Inc Consolidated Balance Sheets Feb 26, 2011 Feb 27, 2010 Increase Assets Current Assets Current Assets Cash and cash equivalents 1,103 1,826 (723) Short-term investments 22 90 (68) Receivables 2,348 2,020 328 Merchandise inventories 5,897 5,486 411 Other current assets 1,103 1,144 (41) Total current assets 10,473 10,566 Land and buildings 766 757 Leasehold improvements 2,318 2,154 Fixtures and equipment 4,701 4,447 Property under capital lease 120 95 7,905 7,453 452 Less accumulated depreciation 4,082 3,383 (699) Net property and equipment 3,823 4,070 Goodwill 2,454 2,452 2 Tradenames, Net 133 159 (26) Customer Relationships, Net 203 279 (76) Equity and Other Investments 328 324 4 Other Assets 435 452 (17) Total Assets 17,849 18,302 (453) Liabilities and Equity Accounts payable 4,894 5,276 (382) Unredeemed gift card liabilities 474 463 11 Accrued compensation and related expenses 570 544 26 Accrued liabilities 1,471 1,681 (210)
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11-8 Fall Mid-term - Mid-term Exam Ram T. S. Ramakrishnan...

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