Please help! calculate the inventory turnover and days sales In inventory for Best Buy using the information in the picture **Consolidated Balance Sheets***In millions, except per share amounts*| **Assets** | **January 28, 2023** | **January 29, 2022** ||------------------------------------------------------|----------------------|----------------------|| **Current assets** | | || Cash and cash equivalents | 1,154 | 2,936 || Receivables, net | 1,167 | 1,029 || Merchandise inventories | 6,731 | 5,462 || Other current assets | 427 | 442 || Total current assets | 9,479 | 9,869 || **Property and equipment**, net | 3,804 | 3,605 || Operating lease assets, net | 2,099 | 2,479 || Goodwill | 1,068 | 1,068 || Intangible assets, net | 73 | 87 || Other assets | 631 | 616 || Total assets | 17,154 | 17,724 || **Liabilities and equity** | | || **Current liabilities** | | || Accounts payable | 7,024 | 6,898 || Accrued liabilities | 1,816 | 1,791 || Unredeemed gift card liabilities | 281 | 315 || Short-term debt | 57 | - || Current portion of operating lease liabilities | 686 | 810 || Total current liabilities | 9,864 | 9,814 || **Long-term liabilities** | | || Long-term debt | 1,166 | 1,211 || Long-term portion of operating lease liabilities | 1,716 | 2,016 || Long-term liabilities | 541 | 536 || Total liabilities | 13,287 | 13,577 || **Contingencies and commitments** (Note 13) | | || **Equity** | | || Best Buy Co., Inc.

Financial ratios are quantitative indicators that are used to assess the status, health, and…

Answered: Consolidated Balance Sheets RES 2 32…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please see below. I need help making a made up purchase schedule of inventory. Please include parts listed below. Note that these can be made up one but they need to make sense.
Instructions In this assignment you will record eight transactions related to the sale and purchase of merchandise. You will record each transaction according to the procedures of a periodic inventory system. You will record each transaction according to the procedures of a perpetual inventory system. Include the date for each transaction. Include a brief explanation for each entry similar to the sample entry example. Please skip a line between each transaction entry. You may use the journals provided or create your own journals. If you create your own journals they must have a date column, description column, a debit column and a credit column. You may hand write the journal entries or type them. Transactions to Record Sample Ace Company issues a $200 Sales Allowance to a customer who received damaged merchandise purchased in Feb from Ace. Mar 1 Ace Company sells merchandise totaling $1,500 on account with terms 2/15, n/30, FOB destination. Cost of goods is…
Please help me make a perpetual FIFO, perpetual LIFO, Weighted Average, and Specific ID chart. Thank you
Katelyn is the Purchasing Manager at Polo Industries, Inc. She asked you to help her determine what the Ending Balance for Inventory and the Cost of Goods Sold total would be using the three (3) valuation methods: (a) LIFO (last in first out), (b) FIFO (first in first out), and Weighted Average. The purchase information is below: O-Matic Inventory Purchase Saturday, June 6, 2020 Sunday, June 14, 2020 Thursday, June 18, 2020 Tuesday, June 30, 2020 Items Cost per Item 107 85.10 158 79.50 87 %24 95.00 24 93 445 92.40 Katelyn told you that 300 items were sold and 145 remained in inventory. (c) Calculate the valuations using Weighted Average (2 answers required). Round to the nearest 2 decimal places. HTML Editor B IUA-囚、1三三=E x I 12pt Paragraph
What is the inventory system called that continuously discloses the amount of inventory? Group of answer choices physical perpetual retail periodic
Calculate the missing information for the purchase. Item SellingPrice(in $) SalesTaxRate SalesTax(in $) ExciseTax Rate ExciseTax TotalPurchase Price Book $ 8 $ 0 0 $19.44
When using QBO time tracking, you can record: Multiple Choice Time billable to a specific vendor Time billable to a specific customer How many shipments of inventory items were received Number of purchase orders from each supplier
The Inventory module window has journal icons for Select one: O a. inventory sales and inventory purchases b. item assembly and inventory adjustments O c. inventory sales and inventory adjustments O d. all of the above Show Transcribed Text You should use the adjustments journal to record - Select one: O a. adjustments to inventory purchase prices from the supplier as an allowance for damages O b. adjustments to inventory sale prices to customers as an allowance for damages c. adjustments to inventory in stock for damaged goods O d. all of the above
The revenue account for a merchandising business is typically called ___________. Group of answer choices inventory sales. unearned revenue. fees earned. sales or sales of merchandise.
Use the following information to calculate Goods Available for Sale (GAFS) and Cost of Goods Sold (COGS). You will not need all of the information: Purchases $100 Purchase discounts $2 Beginning Inventory $10 Purchase returns $3 Sales Discounts $8 Accounts Receivable $25 Purchase Freight (on purchases, buyer responsible) $15 Delivery Expense (on sales to customers, seller responsible) $10 Sales $200 Accounts Payable $35 GAFS is $ Now..Assume ending inventory is $50. Use all the information provided to determine Cost of goods sold (COGS) COGS is $
What are the two journal entries involved when recording the sale of inventory when using the perpetual inventory system?
Answe these questions in relation to accounting packages systems

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

Consolidated Balance Sheets RES 2 32 2888.C Consolidated Statements of Earnings S and shares in millions, except per share amounts Fiscal Years Ended WWW.K M 3845