Question: The following financial data were adapted from the annual report of Best Buy Inc. for the period ending February 28, 2004:
In millions
Accounts payable $ 2,535
Accrued liabilities 1,598
Capital stock 954
Cash 2,600
Cost of goods sold 18,350
Income taxes 496
Interest expense and other items 103
Inventories 2,607
Goodwill and other intangible assets 514
Other assets 344
Other liabilities 1,097
Property, plant, and equipment 2,244
Receivables 343
Sales 24,547
Selling, general, and administrative expenses 4,893
Instructions: 1. Prepare Best Buy's income statement for the year ending February 28, 2004.
2. Prepare Best Buy's retained earnings statement for the year ending February 28, 2004.
3. Prepare a balance sheet as of February 28, 2004, for Best Buy.