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.