Homework Sourse1 Fill in the blanks to complete Whole Foods Income Statemen
1) Fill in the blanks to complete Whole Food’s Income Statement ($ millions).
WHOLE FOODS
Income Statement
For Year Ended September 25, 2016
Sales
$15,724
Cost of goods sold and occupancy costs
?
Gross profit
$ 5,411
Operating expenses
?
Operating income
$ 857
2) ) Fill in the blanks to complete Whole Food’s Balance Sheet ($ millions).
Whole Foods
Balance Sheet
September 25, 2016
Cash
$ 351
Current liabilities
$ 1,341
Non-cash assets
?
Long-term liabilities
?
_ ____
Stockholders’ equity
3,224
Total assets
$6,341
Total liabilities and equity
$ ?
3) Whole Foods reports the following balances in its stockholders’ equity accounts. Fill in the blanks.
($ millions)
2016
2015
2014
Retained earnings beginning of year
?
?
$1,265
Net income
?
536
579
Dividends
(174)
(186)
?
Other
(1)
(1)
0
Retained earnings end of year
$2,349
$2,017
?
| WHOLE FOODS Income Statement For Year Ended September 25, 2016 | |
| Sales | $15,724 |
| Cost of goods sold and occupancy costs | ? |
| Gross profit | $ 5,411 |
| Operating expenses | ? |
| Operating income | $ 857 |
Solution
Answer
1.
Sales
15,724
Cost of Goods sold and occupancy cost
10,313
Gross Profit
5,411
Operating expenses
4,554
Operating Income
857
Cost of Goods Sold = Sales – Gross Profit
= 15,724 - 5,411
= 10,313
Operating Expenses = Gross Profit – Operating Income
= 5,411 – 857
= 4,554
2.
$
$
Cash
351
Current Liabilities
1,341
Non Cash Assets
5,990
Long term Liabilities
1,776
Stockholder\'s Equity
3,224
Total Assets
6,341
Total Liabilities and Equity
6,341
Non Cash Assets = Total Assets – Cash
= 6,341 – 351
= 5,990
Total Liability and Equity = Total Assets = $6,341
Long term Liability = Total Liability and Equity - Current Liabilities - Stockholder\'s Equity
= 6,341 - 1,341 - 3,224
= 1,776
3.
2016
2015
2014
Beginning Retained Earnings
2,017
1,668
1,265
Net Income
507
536
579
Dividend
(174)
(186)
(176)
Other
(1)
(1)
0
Closing Retained Earnings
2,349
2,017
1,668
Closing Retained Earnings = Beginning Retained Earnings + Net Income – Dividend – Other
Beginning Retained Earnings of 2015 = Closing Retained Earnings (2015) + Dividend + Other – Net Income
= 2017 + 186 + 1 – 536
Beginning Retained Earnings of 2015 = $1,668
Closing Retained Earnings of 2014 = Beginning Retained Earnings of 2015 = $1,668
Dividend of 2014 = Beginning Retained Earnings of 2014 + Net Income – Closing Retained Earnings of 2014
= 1265 + 579 – 1668
Dividend of 2014 = $176
Closing Retained Earnings of 2015 = Beginning Retained Earnings of 2016 = $2,017
Net Income of 2016 = Closing Retained Earnings - Beginning Retained Earnings + Dividend + Other
= 2349 – 2017 + 174 + 1
Net Income of 2016 = $507
| Sales | 15,724 |
| Cost of Goods sold and occupancy cost | 10,313 |
| Gross Profit | 5,411 |
| Operating expenses | 4,554 |
| Operating Income | 857 |
