Forecasted Income Statement: Net Sales, Cost of Goods Sold, and

School: Southern New Hampshire University - Course: ACC MANAGERIAL - Subject: Accounting

Homework answers for chapter 11 M11-18 Forecasted Income Statement ($ thousands)2010Forecast Assumptions 2011 Est. Net sales...............................$3,468,7773,468,777x1.10$3,815,655 Cost of goods sold..............1,256,5963,815,655x36%1,373,636 Gross profit..........................2,212,1812,442,019 Stores and distribution expense................................1,589,5013,815,655x46%1,755,201 Marketing, general and administrative expense.......400,8043,815,655x12%457,879 Other operating income, net.........................................(10,056)(10,056) Operating income................231,932238,995 Interest expense (income), net........................3,3623,362 Income from continuing operations before taxes......228,570235,633 Tax expense from continuing operations.........78,287235,633x34%80,115 Net income...........................$150,283$155,518
M11-20 Forecasted Income Statement ($ millions)2011Forecast Assumptions 2012 Est. Revenue...........................................$ 50,27250,272X1.05$52,786 Cost of goods sold.........................37,61152,786X75%39,590 Restructuring charges - cost of goods sold.................................. 240 Gross profit.....................................12,63713,196 Selling, general and administrative expenses................ 10,32552,786X21%11,085 Restructuring charges...................1980 Goodwill and tradename impairment....................................... 00 Operating income...........................2,1142,111 Other income (expense) Investment income and other............................................... 5151 Investment impairment................0 Interest expense...........................(87)(87) Earnings before income tax expense and equity inincome of affiliates......................... 2,0782,075 Income tax expense........................7142,075x34%706 Equity in income of affiliates.........22 Net earnings including noncontrolling interests.................1,3661,371
Net earnings attributable to noncontrolling interests................. (89)1,371x7%96 Net earnings attributable to Best Buy Co., Inc............................$ 1,277$1,275

Expert's Answer

Your future, our responsibilty submit your task on time.

Order Now

Need Urgent Academic Assistance?

Price Starts from $10 Per Page

*
*
*
*

TOP
Order Notification

[variable_1] from [variable_2] has just ordered [variable_3] Assignment [amount] minutes ago.