Question

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	?

Answer 1

Ans. 1	WHOLE FOODS
	Income Statement
	For Year Ended September 25, 2016
	Sales	$15,724
	Cost of goods sold and occupancy costs	$10,313
	Gross profit	$5,411
	Operating expenses	$4,554
	Operating income	$857
	*Cost of goods sold and occupancy costs = Sales - Gross profit
	*Operating expenses = Gross profit - Operating income
Ans. 2	WHOLE FOODS
	Income Statement
	For Year Ended September 25, 2016
	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
	*Total liabilities and equity = Total assets = $6,341
	*Long term liabilities = Total liabilities and equity - Current liabilities - Stockholder's equity
Ans. 3		2016	2015	2014
	Retained earnings beginning of year	$2,017	$1,668	$1,265
	Net income	$507	$536	$579
	Dividends	-$174	-$186	-$176
	Other	-$1	-$1	$0
	Retained earnings end of year	$2,349	$2,017	$1,668
	Retained earnings beginning of 2016 = Retained earnings end of 2015 = $2,017
	*Net income = Retained earnings end of year - Retained earnings beginning of year + Dividends + Other
	Retained earnings beginning of 2015 = Retained earnings end of 2015 - Net income + Dividends + Other
	Retained earnings beginning of 2015 = Retained earnings end of 2014 = $1,668
	Dividends for 2014 = Retained earnings beginning + Net income - Other - Retained earnings ending