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financial reporting

Use the annual report of Best Buy company you can find it here (Access the Best Buy Corporation web page at: www.bestbuy.com. From Best Buy’s home page, choose United States as a country with English language, and then “For Our Investors”, followed by clicking on “10-K” to download 2012 Annual Report on Form 10-K (PDF).

) to answer the following questions:

Financial Reporting on the Internet

(Best Buy Corporation)

Best Buy is a multinational retailer of consumer electronics, home office products, entertainment products, appliances and related services. It operates retail stores and call centers and conduct online retail operations under a variety of brand names such as Best Buy ([url removed, login to view], [url removed, login to view], [url removed, login to view]), Best Buy Mobile ([url removed, login to view]), The Carphone Warehouse ([url removed, login to view]), Five Star ([url removed, login to view]), Future Shop ([url removed, login to view]), Geek Squad, Magnolia Audio Video, Napster ([url removed, login to view]), Pacific Sales and The Phone House ([url removed, login to view]).

The Annual Report on Form 10-K refers to Best Buy Co., Inc. and, as applicable, its consolidated subsidiaries. Access the Best Buy Corporation web page at: www.bestbuy.com. From Best Buy’s home page, choose United States as a country with English language, and then “For Our Investors”, followed by clicking on “10-K” to download 2012 Annual Report on Form 10-K (PDF).

Instructions:

Use the annual report to answer the following questions:

1- Best Buy annual report includes a “Management’s Discussion and Analysis ‘MD&A”. What is the purpose of this report? (Hint: some research is required here.)

2- Discuss the relationship among Best Buy’s Statement of Earnings, Statement of Changes in Shareholders’ Equity, and Balance Sheet. Support your answer by suitable figures from the Best Buy’s financial report.

3- What relationship exists between the position of an account on Best Buy’s balance sheet and the rules for recording increases in that account?

4- Explain why Best Buy’s Dividends account is closed directly to the Retained Earnings account.

5- Can Best Buy be both profitable and insolvent? Support your answer by suitable figures from the Best Buy’s financial report.

6- Does Best Buy’s net income represent a supply of cash that could be distributed to stockholders in the form of dividends? Substantiate your answer by suitable figures from the annual report.

7- Which accounts appear in Best Buy’s after-closing trial balance? What is the purpose of an after-closing trial balance?

8- Best Buy’s Statement of cash flows reports amortization of intangible assets. What types of intangible assets would you guess require amortization?

9- Who is responsible for the preparation, integrity and objectivity of the accompanying consolidated financial statements and the related financial information? Support your answer with evidence from the annual report.

10- Identify four accounts on Best Buy’s balance sheet that provide evidence that Best Buy uses accrual accounting. In each case, identify the income statement account that would be affected by the adjustment process.

11- Do you agree that Best Buy’s balance sheet is both classified and comparative? Explain why or why not? Why are classified and comparative financial statements generally presented in Best Buy’s annual report to shareholders?

12- Briefly explain what is meant by the term property and equipment, identifying at least two items included in this category. Support your answer by suitable figures from the Best Buy’s financial report.

14- For the two most recent years (2012 and 2011), are Best Buy’s assets primarily financed by debt or owner’s equity? Explain your reasoning

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( 0 ulasan ) alshuhada, Kuwait

ID Projek: #4051143