The comparative balance sheet of Best Buy for January 31, 2020 and 2019, is shown as follows (values are in millions):Additional data obtained from an examination of the accounts in the ledger for 2020 are as follows:The investments were sold for $875 million cash. Equipment and land were acquired for cash. There were no disposals of equipment during the year. The common stock was bought back with cash. There was a $89 million credit to Retained Earnings for net income. There was a $564 million debit to Retained Earnings for cash dividends declared.Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Best BuyComparative Balance SheetFor January 31, 2020 and 2019$in millionsJan 31, 2020 Jan 31, 2019AssetsCashAccounts receivableInventoryInvestmentsLandEquipmentAccumulated depreciation - Equipment2,229 $1,149 $5,174 $1,9801,0155,409500637650 $9,228 $(6,900) $9,200(6,690)Total assets11,530 |$12,051Liabilities and Stockholders' EquityAccounts payableAccrued expenses payable (operating expenses).Dividends payableCommon stockPaid in capital: Excess of Issue price over par- common stockRetained eamingsTotal liabilities and stockholders' equity5,288 $906 $564 $26$5,257982564274,746 $11,530 $5,22112,051haka ko

Statement of cash flow is prepared to assess the flow of cash during the accounting period. The…

Answered: The comparative balance sheet of Best…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

The comparative balance sheet of Best Buy for January 31, 2020 and 2019, is shown as follows (values are in millions):

Additional data obtained from an examination of the accounts in the ledger for 2020 are as follows:

The investments were sold for $875 million cash.
Equipment and land were acquired for cash.
There were no disposals of equipment during the year.
The common stock was bought back with cash.
There was a $89 million credit to Retained Earnings for net income.
There was a $564 million debit to Retained Earnings for cash dividends declared.

Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities.

Best Buy
Comparative Balance Sheet
For January 31, 2020 and 2019
$in millions
Jan 31, 2020 Jan 31, 2019
Assets
Cash
Accounts receivable
Inventory
Investments
Land
Equipment
Accumulated depreciation - Equipment
2,229 $
1,149 $
5,174 $
1,980
1,015
5,409
500
637
650 $
9,228 $
(6,900) $
9,200
(6,690)
Total assets
11,530 |$
12,051
Liabilities and Stockholders' Equity
Accounts payable
Accrued expenses payable (operating expenses).
Dividends payable
Common stock
Paid in capital: Excess of Issue price over par- common stock
Retained eamings
Total liabilities and stockholders' equity
5,288 $
906 $
564 $
26$
5,257
982
564
27
4,746 $
11,530 $
5,221
12,051
haka ko

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions