16. Prepare a Classified Balance Sheet LO3 The following information was taken f
ID: 2466149 • Letter: 1
Question
16.
Prepare a Classified Balance Sheet LO3
The following information was taken from the February 26, 2011, balance sheet of Best Buy:
(in millions)
Accounts payable
$ 4,894
Accounts receivable
2,348
Additional paid-in capital
18
Cash
1,103
Short-term investments
22
Common stock
39
Intangible assets
2,587
Long-term liabilities
1,894
Other current assets
1,103
Other current liabilities
3,769
Other equity
863
Other assets
966
Fixed assets
3,823
Retained earnings
6,372
Inventory
5,897
Required
Prepare Best Buy's classified balance sheet at February 26, 2011.
(in millions)
Accounts payable
$ 4,894
Accounts receivable
2,348
Additional paid-in capital
18
Cash
1,103
Short-term investments
22
Common stock
39
Intangible assets
2,587
Long-term liabilities
1,894
Other current assets
1,103
Other current liabilities
3,769
Other equity
863
Other assets
966
Fixed assets
3,823
Retained earnings
6,372
Inventory
5,897
Explanation / Answer
ASSETS: Current Assets: cash 1103 accounts receivable 2348 short term investments 22 inventory 5897 other current assets 1103 10473 Non-current Assets: fixed assets 3823 Intangible assets 2587 other assets 966 7376 TOTAL ASSETS 17849 LIABILITIES: Current liabilities: accounts payable 4894 other current liabilities 3769 8663 Long term liabilities: 1894 TOTAL LIABILITIES 10557 Equity: common stock 39 additional paid in capital 18 retained earnings 6372 other equity 863 7292 TOTAL LIABILITIES & EQUITY 17849
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