Analyzing, Forecasting, and Interpreting Income Statement and
Balance Sheet
Following are the income statement and balance sheet of Whole Foods
Market, Inc.
Income Statement, For Years Ended (in $ 000s) |
2010 | 2009 |
---|---|---|
Sales | $ 9,005,794 | $ 8,031,620 |
Cost of goods sold and occupancy costs | 5,870,393 | 5,277,310 |
Gross profit | 3,135,401 | 2,754,310 |
Direct store expenses | 2,375,716 | 2,145,809 |
General administrative expenses | 272,449 | 243,749 |
Pre-opening expenses | 38,044 | 49,218 |
Relocation, store closures and lease termination costs | 11,217 | 31,185 |
Operating income | 437,975 | 284,349 |
Interest expense | (33,048) | (36,856) |
Investment and other income | 6,854 | 3,449 |
Income before income taxes | 411,781 | 250,942 |
Provision for income taxes | 165,948 | 104,138 |
Net income | $ 245,833 | $ 146,804 |
Balance Sheet,($ 000s) | 2010 | 2009 |
---|---|---|
Assets | ||
Cash and cash equivalents | $ 131,996 | $ 430,130 |
Short-term investments-available-for-sale securities | 329,738 | -- |
Restricted cash | 86,802 | 71,023 |
Accounts receivable | 133,346 | 104,731 |
Merchandise inventories | 323,487 | 310,602 |
Prepaid expenses and other current assets | 54,686 | 51,137 |
Deferred income taxes | 101,464 | 87,757 |
Total current assets | 1,161,519 | 1,055,380 |
Property and equipment, net of accum depr and amortization | 1,886,130 | 1,897,853 |
Long-term investments--available-for-sale securities | 96,146 | -- |
Goodwill | 665,224 | 658,254 |
Intangible assets, net of accumulated amortization | 69,064 | 73,035 |
Deferred income taxes | 99,156 | 91,000 |
Other assets | 9,301 | 7,866 |
Total assets | $ 3,986,540 | $ 3,783,388 |
Liabilities and shareholders' equity | ||
Current installments of long-term debt and capital lease obligations | $ 410 | $ 389 |
Accounts payable | 213,212 | 189,597 |
Accrued payroll, bonus and other benefits due team members | 244,427 | 207,983 |
Dividends payable | -- | 8,217 |
Other current liabilities | 289,823 | 277,838 |
Total current liabilities | 747,872 | 684,024 |
Long-term debt and capital lease obligations, less current installments | 508,288 | 738,848 |
Deferred lease liabilities | 294,291 | 250,326 |
Other long-term liabilities | 62,831 | 69,262 |
Total liabilities | 1,613,282 | 1,742,460 |
Series A redeemable preferred stock; $0.01 par value | -- | 413,052 |
Shareholders' equity: | ||
Common stock, no par value | 1,773,897 | 1,283,028 |
Accumulated other comprehensive income | 791 | (13,367) |
Retained earnings | 598,570 | 358,215 |
Total shareholders' equity | 2,373,258 | 1,627,876 |
Total liabilities and shareholders' equity | $ 3,986,540 | $ 3,783,388 |
Forecast Whole Foods Market's 2011 income statement using the following relations (assume "no change" for accounts not listed). ($ 000s)
Sales growth | 10.0% |
Cost of good sold and occupancy costs/Sales | 65.2% |
Direct store expenses/Sales | 26.4% |
General and administrative expenses/Sales | 3.0% |
Pre-opening expenses/Sales | 0.4% |
Relocation, store closures and lease termination costs | $-- |
Interest expense | $33,048 |
Investment and other income | $6,854 |
Provision for income taxes/Pretax income | 40.3% |
Round answers to the nearest whole number.
Do not use negative signs with your answers.
Whole Foods Market, Inc. Income Statement, For Years Ended ($ 000s) |
2011 Estimated |
---|---|
Sales | Answer |
Cost of goods sold and occupancy costs | Answer |
Gross profit | Answer |
Direct store expenses | Answer |
General and administrative expenses | Answer |
Pre-opening expenses | Answer |
Relocation, store closures and lease termination costs | Answer |
Operating income | Answer |
Interest expense | Answer |
Investment and other income | Answer |
Income before income taxes | Answer |
Provision for income taxes | Answer |
Net income | Answer |
Forecast Whole Foods Market's 2014 balance sheet using the following relations (assume "no change" for accounts not listed). ($ 000s)
Restricted cash | $86,802 |
Short-term investments-available-for-sale securities | $329,738 |
Accounts receivable/Sales | 1.5% |
Merchandise inventories/Sales | 3.6% |
Prepaid expenses and other current assets/Sales | 0.6% |
Deferred income taxes (current) | $101,464 |
Long-term investments--available-for-sales securities | $96,146 |
Goodwill | $665,224 |
Intangible assets, net of accumulated amortization | $69,064 |
Deferred income taxes (noncurrent) | $99,156 |
Other Assets/Sales | 0.1% |
Current installments of long-term debt and capital lease obligations | $410 |
Accounts payable/Sales | 2.4% |
Accrued payroll, bonus and other benefits due team members/Sales | 2.7% |
Other current liabilities/Sales | 3.2% |
Deferred lease liabilities | $294,291 |
Other long-term liabilities/Sales | 0.7% |
Series A redeemable preferred stock | $-- |
Common stock | $1,773,897 |
Accumulated other comprehensive income | $791 |
Capital expenditures/Prior year net PPE | 13.5% |
Depreciation & amortization/Prior year net PPE | 14.5% |
Dividends/Net income | 3.5% |
Round answers to the nearest whole number.
Whole Foods Market, Inc. Balance Sheet, ($000s) |
2011 Estimated |
---|---|
Assets | |
Cash and cash equivalents | Answer |
Short-term investments-available-for-sale securities | Answer |
Restricted cash | Answer |
Accounts receivable | Answer |
Merchandise inventories | Answer |
Prepaid expenses and other current assets | Answer |
Deferred income taxes | Answer |
Total current assets | Answer |
Property and equipment, net of accum depr and amortization | Answer |
Long-term investments--available-for-sale securities | Answer |
Goodwill | Answer |
Intangible assets, net of accumulated amortization | Answer |
Deferred income taxes | Answer |
Other assets | Answer |
Total assets | Answer |
Liabilities and shareholders' equity | |
Current installments of long-term debt and capital lease obligations | Answer |
Accounts payable | Answer |
Accrued payroll, bonus and other benefits due team members | Answer |
Dividends payable | Answer |
Other current liabilities | Answer |
Total current liabilities | Answer |
Long-term debt and capital lease obligations, less current installments | Answer |
Deferred lease liabilities | Answer |
Other long-term liabilities | Answer |
Total liabilities | Answer |
Series A redeemable preferred stock, $0.01 par value | Answer |
Shareholders' equity: | |
Common stock, no par value | Answer |
Accumulated other comprehensive income | Answer |
Retained earnings | Answer |
Total shareholders' equity | Answer |
Total liabilities and shareholders' equity | Answer |
Answer:
Income Statement for Year ended | 2011 E | Formulas for reference |
Sales | 9,906,373 | =9005794*(1+10%) |
Cost of goods sold and occupancy costs | 6,458,955 | =9906373*65.2% |
Gross Profit | 3,447,418 | =9906373-6458955 |
Direct store exp | 2,615,282 | =9906373*26.4% |
G&A Exp | 297,191 | =9906373*3% |
Pre-opening exp | 39,625 | =9906373*0.4% |
relocation store closures and leas termination costs | 0 | |
Operating Income | 495,319 | =3447418-(2615282+297191+39625) |
Interest Exp | 33,048 | |
Investment and other income | 6,854 | |
Income before income tax | 469,125 | =495319-33048+6854 |
Provision for income taxes | 189,057 | =469125*40.3% |
Net Income | 280,067 | =469125-189057 |
Whole foods Market Inc Balance Sheet |
||
Assets | 2011 E | |
Cash and cash Balance | 459,013 | |
Short term Investment available for sale securitites | 329,738 | |
Restricted Cash | 86,802 | |
Accounts Receivable | 148,596 | =9906373*1.5% |
Merchandise Inventories | 356,629 | =9906373*3.6% |
Prepaid Exp and Other Current Assets | 59,438 | =9906373*0.6% |
Deferred Income Taxes | 101,464 | |
Total Current Assets | 1,541,680 | |
Property And Equipment Net of Dept | 1,612,641 | =1886130*(1-14.5%) |
Long Term Investment Available for Sale Securities | 96,146 | |
Goodwill | 665,224 | |
Intangible Assets of Acc Amount | 69,064 | |
Deferred Income Taxes non current | 99,156 | |
Other Assets | 9,906 | =9906373*0.1% |
Total Assets | 4,093,818 | |
Liability and Shareholders Equity | ||
Current Installment of long term debt and capital lease obligation | 410 | |
Accounts payable | 237,753 | =9906373*2.4% |
Accured payroll bonus and other benefit | 267,472 | =9906373*2.7% |
Dividends payable | 9,802 | =280067*3.5% |
Other current liabilities | 317,004 | =9906373*3.2% |
Total Current Liabilities | 832,441 | |
Long term debt capital lease obligation less current installment | 254,218 | =(1886130*13.5%)-410 |
Deferred lease liability | 294,291 | |
Other long term liabilities | 69,345 | =9906373*0.7% |
Total Liabilities | 1,450,295 | |
Series a redemable P Stocks | ||
Shareholders Equity | ||
Common Stock No par value | 1,773,897 | |
Accumulated Other Comprehnsive Income | 791 | |
Retained Earnings | 868,835 | |
Total Shareholders Equity | 26,43,523 | |
Total Liabilities and Shareholders Equity | 4,093,818 |
Analyzing, Forecasting, and Interpreting Income Statement and Balance Sheet Following are the income statement and balance...
Analyzing. Forecasting, and Interpreting Income Statement and Balance Sheet Following are the income statement and balance sheet of General Mills, Inc. Income Statement, Fiscal Years Ended (in s millions) May 26, 2013 May 27, 2012 May 29, 2011 Net Sales $16.657.9 $14.380 2 Cost of Sales 11.350.2 10.613.2 892 Selling general and administrative expenses 3.5523 3.380.7 2. 1920 Divestitures (gain) Restructuring impairment, and other exit costs 101.6 Operating profit 2851.8 2562.4 27745 net 351.9 Earnings before income taxes and after...
Analyzing, Forecasting, and Interpreting Income Statement and Balance Sheet Following are the income statement and balance sheet of General Mills, Inc. Income Statement, Fiscal Years Ended (in $ millions) May 26, 2013 May 27, 2012 May 29, 2011 Net Sales $ 17,774. 1 5 16.657.9 5 14,880.2 Cost of Sales 11.350.2 10.613.2 8,926.7 Selling, general and administrative expenses 3.552.3 3.380.7 3.192.0 Divestitures (gain) (17.4) Restructuring, impairment and other exit costs 19.8 101.6 Operating profit 2.851.8 2.562.4 2.774.5 Interest, net 316.9...
please complete the balance sheet. Analyzing, Forecasting, and Interpreting Both Income Statement and Balance Sheet Following are the income statements and balance sheets of General Mills, Inc. Income Statement, Fiscal Years Ended ($ millions) May 29, 2011 May 30, 2010 Net Sales $ 14,880.2 $ 14,635.6 Cost of sales 8,926.7 8,835,4 Selling general and administrative expenses 3.192.0 3,162.7 Divestitures (gain), net (17.4) Restructuring, impairment, and other exit costs 4.4 31.4 Operating income 2.606.1 Interest, net 401.6 Earnings before income tax...
Analyzing, Forecasting, and Interpreting Both Income Statement and Balance Sheet Following are the income statements and balance sheets of General Mills, Inc. Income Statement, Fiscal Years Ended ($ millions) May 29, 2011 May 30, 2010 Net Sales $ 14,880.2 $ 14,635.6 Cost of sales 8,926.7 8,835,4 Selling general and administrative expenses 3.192.0 3,162.7 Divestitures (gain), net (17.4) Restructuring, impairment, and other exit costs 4.4 31.4 Operating income 2.606.1 Interest, net 401.6 Earnings before income tax expense and equity in income...
Analyzing, Forecasting, and Interpreting Both Income Statement and Balance Sheet Following are the income statements and balance sheets of General Mills, Inc. Income Statement, Fiscal Years Ended ($ millions) May 29, 2011 May 30, 2010 Net Sales $ 14,880.2 $ 14,635.6 Cost of sales 8,926.7 8,835.4 Selling, general and administrative expenses 3,192.0 3,162.7 Divestitures (gain), net (17.4) -- Restructuring, impairment, and other exit costs 4.4 31.4 Operating income 2,774.5 2,606.1 Interest, net 346.3 401.6 Earnings before income tax expense and...
Prepare a forecasted statement of cash flows for 2017 using the indirect method. Assume the following: • Operating expenses for 2017 (such as general and administrative) include depreciation and amortization expense of $522 million. • The company did not dispose of or write-down any long-term assets during the year. • The company paid dividends of $159 million in 2017 P11-47. Statement of Cash Flows (Indirect Method) Following are the income statement and balance sheet for Whole Foods Market Inc., for...
Forecast Income Statement and Balance Sheet Following are the income statement and balance sheet for Medtronic PLC. April 26, 2019 $30,557 9,155 2,330 10,418 1,764 Consolidated Statement of Income, 12 Months Ended ($ millions) Net Sales Costs and expenses Cost of products sold Research and development expense Selling, general, and administrative expense Amortization of intangible assets Restructuring charges, net Certain litigation charges Other operating expense, net Operating profit Other nonoperating income, net Interest expense Income before income taxes Income tax...
Following are the income statement and balance sheet of DP Inc.DATA PROCESSING INC.Statement of Consolidated EarningsFor Year Ended June 30, 2019, $ millionsTotal revenues$14,175.2Operating expenses7,145.9Systems development and programming costs636.3Depreciation and amortization304.4Total cost of revenues8,086.6Selling, general, and administrative expenses3,064.2Interest expense129.9Total expenses11,280.7Other (income) expense, net(111.1)Earnings before income taxes3,005.6Provision for income taxes712.8Net earnings$2,292.8DATA PROCESSING INC.Balance Sheet$ millionsJune 30,2020ForecastCurrent assetsCash and cash equivalents$1,949.2Accounts receivable, net2,439.3Other current assets519.6Total current assets before funds held for clients4,908.1Funds half for clients29,434.2Total current assets34,342.3Long-term receivables, net23.8Property, plant and equipment,...
Using the income statement and balance sheets shown above, create an appropriate cash flow statement including the required disclosures. Thank you. (Dollars in Millions) 2017 2016 $1,074 3,795 378 5,247 8,103 224 $13, 574 $707 4,038 331 5,076 8, 308 222 $13, 606 $1,507 1,200 24 112 $1,251 1,180 26 130 Assets Current assets: Cash and cash equivalents Merchandise inventories Prepaid expenses Total current assets Property and equipment, net Other assets Total assets Liabilities and Shareholders Equity Current liabilities: Accounts...
Using the income statement and balance sheets shown above, create an appropriate cash flow statement including the required disclosures. Thank you. (Dollars in Millions) 2017 2016 Assets Current assets: Cagh and cash equivalents Merchandise inventories Prepaid expenses Total current assets Property and equipment, net Other assets Total assets $1,074 3,795 378 5,247 8,103 224 $13, 574 $707 4,038 331 5,076 8, 308 222 $13, 606 $1,507 1,200 24 112 $1,251 1,180 26 130 134 127 All current portion paid Liabilities...